Calculation of vat, st and reg on flat

  Mr Manjunath,

You have not mentioned whether any other amounts of amenities  are included in the basic cost. However, going by your figures the items such as powerback up and deposit of BWSSB and KPTCL are not taxable. If the carpark is in a shade/shelter,then that area can also be taken for tax computation. Otherwise only the basic cost is taken and VAT is calculated as follows :

  Basic cost Rs19,24,250

  Less 40% land cost :Rs7,69,700-00

  Construction cost  : Rs11,54,550-00 If under composiiton scheme VAT can be collected @ 4% on this sum.  i.e. Rs46,182-00. Or Under normal scheme deduct 30% towards labour from construction cost to get the material cost i.e. Rs 8,08,185-00(11,54,550-3,46,365). On this amount VAT is to be collected  @ 14.5% . Then VAT chargeable is Rs1,17,187-00. ST is to be collected @ 12.36% on 40% of construction cost i.e. 12.36%x4,61,820-00= 57,081-00........MJK