Dear Experts,
ours is a partner ship firm , construction and sale of residential flats is our business.
in this F.y we received advances against sale of flats. we need to pay service tax on that advances.
can any body please tell me what is the rate of service tax on construction and sale of flats.
i heard that on 33% of sale consideration we need to pay 12% of service tax. is it true. please answere me.
thanks in advance....
3.09% (25% of 12.36%), Previously 2.575% (25% of 10.3%).
if the construction is completed before recieving the advance money or sale agreement than there is no need to pay service tax
Bt if you recieved it before completion than youy have to pay service tax on 25% of amount received
Rate is 12.36% or 3.09% of total amount recieved
Amount recieved by you should be treated as amount recieved inclusive of service tax
AJAY SINGH AND CO LLP
Thane
CA Final
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Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
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CCI
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