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How to calculate VAT in Hyderabad? - Property Hotline
Posted
June 30, 2016
Views
106
June 30, 2016
106
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2:22Now PlayingBe Un Confused
Expert: Vinay Singh, Tax & Legal Expert
Question: I booked a flat in Nagarjuna Builder's project at Kochi. The flat value is less than `1 cr and it is sized below 2,000 sq feet. Is the service tax rate 3.5%? Also, since Nagarjuna is registered in Hyderabad, they claim to come under CST and not KVAT. They claim to do compounding tax at 7% on the full value of the flat including service tax. Is this correct? Also, how much VAT should be charged?
Answer: You will have to pay 3.75% of service tax for this particular apartment. And 12.5% Cost of construction which is the cost in Hyderabad + 1 % of the labour welfare fund will give you the rate of VAT. You are advised to do some verification.
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