Regarding VAT/Service tax

Q: I have bought a new flat in Hyderabad, Telangana.
At time of registration I have paid 3.08 % service tax and 1.25% VAT. After that at every installment i release I am paying 5% of VAT and 3.08% service tax. Is this correct ? I somehow feel builder is collecting more VAT.. Please do anyone have any idea about VAT to be paid after every installment release?

Prasad, Hyderabad

14th February 2015

Property Tax in Nallagandla, Hyderabad

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service tax

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Replies (2)

VAT is Payable on Unit value + Service Tax @ 1.25% only according to aparna constructions cost sheet. and service tax is 3.09%

Srinivas reddy, Apartment Resident

30th March 2015

Comment

Hi Prasad,
In under constructed apartment flat then service tax is 25% of 12.38 i.e 3.09% on total sale value and VAT is 1% on total sale value. further stamp Duty is further broken into:
a. Stamp Duty - 7%
b. Registration Fee - 0.5%
c. TPT (Transfer of Property Title) - 2%

Saran,

16th February 2015

Comment

Thanks Saran for reply. Can you please explain me taking Falt value as 50lacks..
Also, builder says at the time of Registation VAT is 1% and now it is 5%..

Prasad, Hyderabad

17th February 2015