Vat & service tax for undersconstruction flat
This query is : Resolved
09 October 2011
Dear Sir,
I have booked a Flat in Kochi,Kerala in Aug 2007 and 90% of the amount is paid by October 2009. The appartment is almost ready for occupation and the builder has sent a final bill asking for Service Tax+VAT+Labour Welfare fund which in total is 9.12% of the agreement value. I understood all the payments made before 1st August 2010 is exepmted from Service Tax , does this mean that I need not pay service tax ?
Is there VAT on construction of Flats ? if yes how much is it ?
Thanks in advance
I have booked a Flat in Kochi,Kerala in Aug 2007 and 90% of the amount is paid by October 2009. The appartment is almost ready for occupation and the builder has sent a final bill asking for Service Tax+VAT+Labour Welfare fund which in total is 9.12% of the agreement value. I understood all the payments made before 1st August 2010 is exepmted from Service Tax , does this mean that I need not pay service tax ?
Is there VAT on construction of Flats ? if yes how much is it ?
Thanks in advance
10 October 2011
KVAT rate is 12.5% on the contract value subject to certain deductions. However, an option for 'compounding' is allowed an if opted ,the rate is 3.03% on the contract value.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Urd purchase entry in tally prime
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
