Q:i' ve purchase new house in Vadodara , builder collect service tax from me but when i asked for receipt he said individual receipt will not be availablePlease sugfest on this
Latest Answer: So you mean that from now the effective rate on the entire value of a property costing below Rs.1 crore is 3.75% (i.e., 15% * 25% of the property value), and for a property above Rs.1 crore, the effective rate is 4.5% (15% * 30% of the property value). Accordingly, if you are buying a property costing Rs.75 lakh, you will have to pay Rs.2.81 lakh (3.75% of Rs.75 lakh) as service tax. Similarly, if the value of the property is Rs.1.5 crore, service tax would be Rs. 6.75 lakh (4.5% of Rs.1.5 crore). Am i right friend?
Q:hi , I have been informed by the builder the as per the new notification of the service tax department , under group housing society , they have entitled to only 70% rebate , on 30% value they are required to pay service tax , means the new taxes in 4.5% (15%*30%) irrespective of the value of the flat , however as per the Govt notification , it should be 25% , and value of the tax would be 3.75% hence please guide me what is correct
Latest Answer: Yes, the new service tax chart would be :- Service tax Basic rate-14%,
Swachh Bharat Cess-0.5%w.e.f from 15.11.2015,
Krishi Kalyan Cess-0.5% w.e.f. from 01.06.2016
Total service tax rate-15%
