JASVIR SINGH, Apartment Resident, Bangalore
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VAT & Service Tax based on Date of booking or Date of Agreement
Q: Hello Experts, I booked an under construction flat in Nov 2015 and for some reason agreement got executed in June 2016. The overall cost of construction is 50 Lac and in Dec 2015, only 10% of the construction was completely , hence the VAT applicable amount was 45 Lac as given to me in the agreement. Now should the VAT applicable amount be same (after 8 months) when the construction has progressed more than 10%. In a Nutshell, the VAt applicable on construction is applicable as per date of booking or date of execution of Agreement ? Best Regards!!

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VAT is charged at the rate of 5% of the ‘agreement value’ in Bangalore.
Hello Bharat, I Think you didn't get the question.
29th June 2016

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