Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT RATES :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company
 
 
« Service Tax »
 Revised GST legislation may pinch working capital of industries
 GST to result in price reduction for consumers: Hasmukh Adhia
 Bill gives free hand to CAG to audit GST operation
 Lok Sabha to discuss GST bills on Wednesday
 GST to strengthen organised logistics companies
 No need for Parliament nod to waive property tax in Delhi
 CBEC to be renamed, reorganised for GST regime
  GST debate now continues on categorisation of products
 GST coming soon, but don’t expect quick benefits; rich valuation to stall stocks
 FM Arun Jaitley underlines urgency to pass GST bills in this Parliament session
 Government may table 4 GST bills in Parliament today

Service tax goes, buyers smile
December, 09th 2013

Those purchasing a house have a reason to cheer. They can buy the property without having to pay any service tax for maintenance and repairs.

Flat buyers were required to pay 12% service tax as one-time maintenance fee to central excise department. Builders collect a one-time payment for maintenance and repairs of the property for a particular period post construction. The amount includes charges for lighting in the compound area, lifts and cleanliness. It is collected for a period until the residents form a housing society of their own.

However, Pune bench of central excise service taxes appellate tribunal (CESTAT) has given the respite in its judgement recently.

Realtors too are happy with the ruling. Indore-based builder, Rajesh Mangal, said that the ruling will not only benefit buyers but builders as well. "It will bring down cost of properties though marginally," he said.

Another builder, Paramjit Singh Chhabra, said, "There is already heavy taxation on real estate sector in the country. Whatever relief is provided is always welcome."

The largest body of real estate developers, Credai, has also hailed the move. However, it believes that the government must clarify under which category the real estate sector falls. President of Credai in Indore, Vijay Mirchandani, said, "We are ready to pass the benefit to our customers, once the government comes up clear on service tax."

The issue will be taken up during a three-day national conclave of the sector to be held by Credai in New Delhi later this month.

Vice-president of Bhopal chapter of Credai, Manoj Singh Meek, said, "We want the government to classify the sector and charge taxes accordingly. Currently, we are asked to pay other taxes like VAT and stamp duty too, which need to be reviewed by the government on the lines of service tax waiver on maintenance charges."

Central excise department is likely to take up the matter to the high court. Hence, builders across the state believe that even if the court's order comes against the tribunal's judgment, it must be clarified that no such service tax will be applicable during the gap period."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions