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FAQ: What is Cen Vat and service tax on a property? - Property Hotline
Posted
June 9, 2016
Views
596
June 9, 2016
596
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3:50Now PlayingBe Un Confused
Expert: Pannkaj Ghadiali, Managing partner, PC Ghadiali & Company
Q: How much is the service tax on under-construction properties valued below Rs1 crore, sized less than 2000 sq ft? What is Cen vat? Does it have any impact on the rate of service tax?
Answer: Service tax is calculated @ 15% on 25% of property value below Rs. 1 Crore and 15% on 30% of property value above 1 Crore with VAT @ 1% of agreement value. Cen vat is not applicable to you as you are not in the business of property development.
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