I AM A BUILDER MY LAST YEAR 2013-14 TURNOVER WAS RS.18 LACS I HAVE TAKEN REGISTRATION UNDER WORKS CONTRACT.
FOR THE FINANCIAL YEAR 2014-15 MY CONSTRUCTION AGREEMENT ARE AS FOLLOWS
1. CONSTRUCTION OF RESIDENTIAL HOUSE OF RS. 15 LAKHS FOR SINGLE FAMILY(ONLY GROUND FLOOR)
2. CONSTRUCTION OF RESIDENTIAL HOUSE OF RS. 35 LAKHS FOR SINGLE FAMILY ( GROUND FLOOR + 1ST FLOOR)
3. CONSTRUCTION OF COMMERCIAL OFFICE OF RS. 58 LAKHS FOR SHIPPING CO( PRIVATE LIMITED CO.)
4. CONSTRUCTION OF BUNGALOW FOR SINGLE FAMILY FOR RS. 43 LAKHS
5. CONSTRUCTION OF FIRST FLOOR AND SECOND FLOOR FOR RESIDENTIAL HOUSE BOTH FLOOR FOR DIFFERENT FAMILY. TOTAL THREE FAMILY 1 ON GF 2ND ON FF AND 3RD ON SF.
6. CONSTRUCTION OF 1ST FLOOR FOR RESIDENTIAL HOUSE FOR RS. 22 LAKHS FOR A JOINT FAMILY WHERE JOINT FAMILY WAS ALREADY STAYING TOGETHERBUT DECIDED TO CONSTRUCT A SEPARATE FLOOR THAT IS FIRST FLOOR .
7. CONSTRUCTION OF BUILDING FOR SOCIETY A 4 FLOOR BUILDING FOR COOPERATIVE SOCIETY SO WHO WILL BE LIABLE TO PAY SERVICE TAX IN CASE OF COOPERATIVE SOCIETY
NOTE:-
1. THE COST OF LAND IS NOT INCLUDED IN THE CONSTRUCTION AGREEMENT.
2. THE AGREEMENT IS WITH MATERIAL AND LABOUR
3. THE PAYMENT TERM IS AS FOLLOWS
1. 20% ADVANCE
2. 25% AFTER 1 MONTH
3. 20% AFTER 3 MONTH
4. 20% AFTER 3 MONTH
5. 10% AFTER 2 MONTH
6. 5% AFTER COMPLETION ( TOTAL PERIOD APPROX 9 MONTH)
PLEASE TELL ME THE RATE OF SERVICE TAX APPLICABLE
WHAT WILL BE THE SERVICE TAX LIABILITY FOR THE FINANCIAL YEAR 2014-15
WILL THERE BE ANY REVERSECHARGE OR PARTIAL REVERSE CHARGE IN ANY OF THE ABOVE CASE PLEASE TELL ME ITS URGENT.
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