Hi All,
My Client is a Builder (Partnership Firm) under the Category of Construction of Residentail Complex.
He is registered for Service Tax.
The firm receives advances for booking of flat.
So the question is...whether service tax is payable on the receipt of amount for the flat or on the agreement value?
on amount received as advance POTR 2011
| Originally posted by : Akshay Garg | ||
 |
on amount received as advance POTR 2011 |  |
I will like to clarify my query:
for eg. For Flat A he has received advance of Rs.10lkahs as on 22/03/2014.
& For Flat B he has made sale agreement of Rs.22lakhs as on 19/01/2014. for this flat he has received advance of Rs.15lakhs. Rs.7lakhs is still pending.
So how should the liability of ST for both the Flat calcualted?
You have to pay service tax on advances received.
CAclubindia
