Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Service Tax »
Open DEMAT Account in 24 hrs
 Income Tax SFT return filing due date extension: Facility to remain open for a couple of days Latest news
 Income tax filing: Waiting for your Form 16? Here is what you need to know
 Salaried? Rental tax calculation rules you should know before ITR filing in 2023
 What are new tax regime's slabs? Know its limits, benefits, and more
 How much additional tax do you need to pay? ITR filing last date for FY 2019-20
 Income Tax Return Filing: How to file ITR - step-by-step guide
 New Income Tax Slabs for Super Senior Citizens 2023-24: Which rate will apply for ITR now?
 Income Tax Return filing 2023 data: How many Indians aged 18-35 years file ITR?
 Make tax-saving a part of your overall investment plan
 Filing ITR? Maximize Your Tax Savings With These 7 Allowance Benefits
 Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act, 1961 ('Act') in view of the then-Covid-19 pandemic

Minimum 2% hike in property rates as excise, service tax go up
March, 20th 2012

Property prices will rise by a minimum of two per cent immediately due to the hike in excise duty and service tax in the Budget, National Real Estate Development Council said.
 
"Property prices are surely going to rise. Now we have to see who will raise how much. However, it will increase by at least two per cent," National Real Estate Development Council (NAREDCO) President Navin M Raheja told reporters.
 
In the Budget for 2012-13, Finance Minister Pranab Mukherjee proposed to raise excise duty and service tax by two per cent each to 12 per cent from the earlier 10 per cent.

Service tax was, however, exempted on construction activities in specified infrastructure, canals, irrigation works, post-harvest infrastructure, residential dwelling and low-cost mass housing up to an area of 60 sq metre under the affordable housing scheme in partnership.
 
"For the existing buyers, developers are likely to pass on the service tax burden only, but not the excise duty hike as the agreements were signed earlier. However, for the new buyers, we will pass on the entire burden," Raheja, who is also the Chairman and MD of Raheja Developers, added.

He said the prices of input costs are going up gradually and these need to be controlled.
 
"After the excise duty hike, all raw materials like steel, cement, electric and other finishing equipments are going to be more expensive," Raheja said.
 
Usually the cost of construction, which accounts for 70 per cent of the total expenditure, will bear the pressure of excise duty hike. The service tax is usually charged on the remaining 30 per cent of the expenditure, he added.
 
When asked about if sales will be affected, Raheja said: "The impact on demand is already there and it is fluctuating. In other words, we are seeing cautious increase in demand."
 
Last week, Confederation of Real Estate Developers' Association of India Chairman Pradeep Jain had also said the upward revision of the duties will further add pressure on to the overall cost of property that are bound be more costly in the coming days.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting