Whether service tax applicable on cancellation charges on flats. If applicable, Pls share any case law regarding same.
Thanks in Advance.
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Whether service tax applicable on cancellation charges
Replies (2)
Refer to Education Guide - 3.1.1 Para, wherein it is specifically stated that the advances retained for cancellation of contract represents consideration for a service that was agreed to be provided.
In terms of Section 66E(e) of Finance Act 1994, it is taxable.
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