I am a new builder constructing 15 apartments in Cochin, Kerala.
My flats size is 1988 to 2210 saleable area, that is including common area.
Pricing initial is 4950 per sq.ft
What is the rate at which service tax collected?
In the total cost land cost is separated, so what is the ST rate for rest of the construction cost?
As per notification no. 09/2013, if you are receiving any consideration/booking amount before obtaining Occupancy Certificate then Service tax is payable @ 4.2% (i.e. 30% of 14%) w.e.f. 01/06/2015. If the residential unit fulfills both conditions i.e.
1) Carpet Area Less than 2000 sqft and
2) Consideration less than 1 Cr then
Service tax is payable @ 3.5% (i.e. 25% of 14%) w.e.f. 01/06/2015
R P S K & Associates
Nashik
CA Inter
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CAclubindia
