Taxable event of service tax in case of builders advance
This query is : Open
03 December 2013
Query: What is the taxable event in the following cases for Builder
1. Advances received, however construction not started ( means no services have been provided) nor agreement for sale entered
2. This is more practical where Builders enters agreement under 20:80 scheme, where 20% Advance is received and Agreement is executed and balance 80% amount is due and receivable at possession.
In this case whether Service tax would be payable to the extent of
a) Only on 20% of Advance ( being recd) at the time of receipt and bal. 80% on possession
b) 100% of agreement value ( Since agreement entered) - though services are not provided in full
Kindly request your response, as this is practical case of my client.
1. Advances received, however construction not started ( means no services have been provided) nor agreement for sale entered
2. This is more practical where Builders enters agreement under 20:80 scheme, where 20% Advance is received and Agreement is executed and balance 80% amount is due and receivable at possession.
In this case whether Service tax would be payable to the extent of
a) Only on 20% of Advance ( being recd) at the time of receipt and bal. 80% on possession
b) 100% of agreement value ( Since agreement entered) - though services are not provided in full
Kindly request your response, as this is practical case of my client.
06 December 2013
Dear Experts
Awaiting your valuable feedback. Please guide
Many thanks
Dear Experts
Awaiting your valuable feedback. Please guide
Many thanks
14 December 2013
Please respond. This is the practical query. Not sure why no response till now.
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