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Is 4.5% service tax on under construction property accurate? - Property Hotline
Posted
January 19, 2017
Views
1,637
Likes
4
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January 19, 2017
1,637
4
0.24%
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3:26Now PlayingExpert: Samir Kanabar, EY LLP
Question: I have booked under construction floors in 2013 and I am paying as per the builder’s demands. As per my knowledge, I am entitled to pay only 3.5% of service tax but recently the builder started charging 4.5% service tax on each demand raise. Please guide.
Answer: Service tax has to be paid on all under construction properties. Earlier the service tax rate was 14% and abatement available was 75%. Post that, the rate changed to 15% and abatement came down to 70%. According to this revised rate, the new rate applicable is 4.5%. So, in your case, 4.5% service tax rate on each demand raise is charged correctly by the builder.
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