Hi,
I am from Bangalore, I have bought a flat in Nov 2011
(pre-construction) and now the flat is ready to occupy. I would like to go for
a registration in first week of Feb 2013.
My builder is asking a huge amount of Service tax and VAT
(much more than what was calculated and told me earlier).
Please can you help me with total service tax and total VAT ?
My property details are given below:
Location: Bangalore – Karnataka (Bannerghatta Road)
Basic Cost: Rs 29,53,986/- (Total SqFt * Rate per SqFt)
Car Parking: Rs 1,50,000/-
KPTCL (Electricity Connection): Rs 1,08,885/-
BWSSB (Water Connection: Rs 1,08,885/-
Aminities + SBT (like swimming pool, gym, children’s play
area, club house etc..) = Rs 1,25,000/-
I understand that the current Service tax rate is 12.36% and
the VAT rate in Karnataka is 5.5% (Not very sure on the VAT Rate though)
I have specific questions:
1.
What all amount should be included while
calculating the Service Tax (Is car parking, Amenities included??)
2.
What is the current abatement rate for service
tax (should we take 33% or 25% of gross
value)?
3.
How much is the VAT ? Is it calculated on total
amount?? What all it includes.
It would be helpful if you tell me the total Service tax
amount and the VAT amount which I need to pay.
Thanks for your help in advance.
Note: the builder has not got the completion certificate
from the authorities.