Service tax on construction services

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Senior accountant at KPO
736 Points Posted on 11 March 2013

Hello There!

Greetings of the day to all the CCI Members.

If a Contractor Receives the Consideration for the Construction Service Provided by him in the form of Fixed Deposite (Before the issuance of Completion Certificate ) then would this FD amount be taxable or the Interest only be Taxable or both??????

Thanks in Advance.

Regards Rajdeep.

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On 11 March 2013 at 10:52 Report
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CA
1135 Points Posted on 11 March 2013

A similar example has been provided in the Education Guide issued as on 20/06/2012.

According to me, the amount charged would be the FD amount as it is the consideration transferred from transferee and not the interest.

Refer, Sec.67 of the Act.

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On 11 March 2013 at 13:13

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