Service tax & vat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2013
What is provision for liabiluty on builder / developer in respect of Service Tax & Vat [Mvat] on sale of under construction flat & sale of completed flat (readymade flat).
CA Kintal Shah
(Expert)
23 September 2013
If flat is ready with O.C. then there is no liability on builder to pay ST and VAT.
But even though flat/building is ready but O.C. is applied and has not yet come then ST and VAT both will be applicable.
VAT @1% of agreement value
ST @3.09% (3.708% if agreement is more than 1cr)
But even though flat/building is ready but O.C. is applied and has not yet come then ST and VAT both will be applicable.
VAT @1% of agreement value
ST @3.09% (3.708% if agreement is more than 1cr)
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