Hi Tax Gurus,
I have bought a under construction property in Bangalore (Mahadevpura Area). I am planing to register the same. I do have 2 agreements (sales & construction). My builder is asking for the following amount for Reg, VAT & ST. Please let me know are those correct or not?
1. Registration cost: 6.6% of the total purchase amount (sale + construction).
2. VAT: 5% of the total purchase amount (sale + construction).
3. ST: 4.8% of the total purchase amount (sale + construction).
So as per builder I need to pay 16.4% of total cost as Reg, VAT & ST. It comes around 10lakhs. If the above rates are actual, then I need to pay but I am having doubt. Please let me know the rates and the process of calculation of Reg, VAT & ST.
Thanks in advance.
Regards,
Asish