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What is the difference between Service Tax and VAT?- Property Hotline
Posted
August 18, 2016
Views
1,399
Likes
6
Engagement
0.43%
August 18, 2016
1,399
6
0.43%
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7:32Now PlayingExpert: Ashish Sodhani, Associate - International Tax Practice at Nishith Desai Associates.
Question: I plan to buy a flat in Hyderabad. It's a 1,000 sq. feet flat that costs less than Rs1 cr. The builder is charging Service Tax at 4.5%. Is this correct? On what basis should it be calculated - only the work order or on the sale agreement value? What is the difference between Service Tax and VAT?
Answer: Service tax payable only in case of under-construction property. Abetment available up to 70% / 75% only depends upon size price. In your case, service tax (if any) should be 3.75% of the Total Purchase Price. Service tax is payable on performance of service while on VAT on transfer of goods. However, no VAT or service tax on sale of immoveable property.
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