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Do we have to pay service tax and MVAT?- Property Hotline
Posted
December 8, 2016
Views
454
Likes
4
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December 8, 2016
454
4
0.88%
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6:34Now PlayingExpert: Pannkaj Ghadiali, Tax Expert.
Question: The builder is asking for a service tax (4.5%) and MVAT (1.5%) component of agreement value. MVAT is paid by cheque to builder's bank account and in return they have issued a plain receipt on letter head with revenue stamp. I am in dilemma about the chargeability of the aforesaid taxes. Can you explain?
Answer: If you have purchased the flat which is under-construction then service tax and VAT both are payable. Every state has different tax rate. MVAT in Maharashtra is 1% of agreement value; service tax is 25% of 15% (normal rate). 30% service tax if area of the flat is more than 2000 sq. ft.
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