surendra joglekar
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What is VAT rate for under construction flat? Agreement done in 2008?

Latest Answer: Hi all, VAT is applicable only on Material cost @ 14.5% and ST is applicable only on Labour & Services Cost @ 12.36%. Please note that VAT may vary from state to state.

Vat rate for under construction flat?

Latest Answer: Hi, Hi, In budget 2015-16, it was proposed that a homebuyer will pay a service tax of 14% while buying a property that’s under construction instead of the current 12.36%. As service tax is charged only on the construction cost, the effective rate on the entire value of a property below Rs.1 crore is 3.09% (12.36% on 25% of property value) and for a property above Rs.1 crore, the effective rate on the entire value of the property is 3.71% (12.36% on 30% of property value).

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