Hi,
I have booked under construction flat in 2009 and same was registered in February 2010. Now in 2014 I am getting possession of flat. Builder asking Development Charges as per agreement. I just know want know that any Service Tax and or VAT applicable on Development chagres ? if yes, what is the rate of Service Tax And VAT ?
External & Internal development charges:
If charged on actual payment basis: not taxable under service tax
If charged on Adhoc basis without disclosing actual charges: full amount is taxable under service tax
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