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Is service tax, VAT applicable on ready to move in property? - Property Hotline
Posted
January 27, 2017
Views
426
Likes
2
Engagement
0.47%
January 27, 2017
426
2
0.47%
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3:02Now PlayingExpert: Pannkaj Ghadiali, PC Ghadiali & Co
Question: I am going to buy a ready to move in property of 1161 sq. ft. and I have been asked to pay service tax and VAT at 5.75%. Please guide me if the demand is right?
Answer: Earlier there were two rates of service tax but after 1st April, 2016 that distinction was done away with. So now, service tax is payable on 30% of the value of the property. And the rate of service tax is 15%, the effective rate being 5.4% on the value of the property. The tax and VAT is payable to the builder if you are buying from the builder and he hasn’t yet received the occupancy certificate. I would advise you to enquire on what kind of property you are buying and has it received OC or not. If it has already received OC, you aren’t liable to pay service tax and VAT. But if it has not then you’re liable to pay both at 4.5% and not 5.75%.
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