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.
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