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FAQ: Is VAT payable on the guidance value of a property? - Property Hotline
Posted
June 2, 2016
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29
June 2, 2016
29
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1:42Now PlayingExpert: Vinay Singh, Legal & Tax Expert
Q: I bought a pre-launch property in Bengaluru. The builder is charging both VAT and Service Tax. Is VAT and Service Tax payable on the guidance value of the property or on the current sale price?
Answer: VAT is a state government tax and varies from state to state. Standard rate for service tax is 15 % currently. In your case both, the VAT and service tax are chargeable and will be based upon your agreement value.
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