GST AND THE PROPERTY PRICE AFTER 1-7-2017


PROPERTY PRICE RISE AND GST AFTER 1-7-2017 Earlier-There was VAT and alternatively Composite Tax and Service Tax on the construction industry NOW BOTH ROLLED INTO ONE-CALLED GST Under GST the Service tax is 12%. It has been learnt that customers willing to buy a nearly-completed house/flat will have to pay 12 per cent service tax … Continue reading GST AND THE PROPERTY PRICE AFTER 1-7-2017

RERA NOTIFICATION IN KARNATAKA AND THE IMPLEMENTATION OF GST AND ITS EFFECTS ON THE REALTY SECTOR IN KARNATAKA


The Government of Karnataka was deliberating and discussing the important issues and points of RERA, which had been notified by the Center and other states, but, will be notifying it soon without much MODIFICATION/CHANGE/ALTERATION. This notification has very significant effect on the REAL ESTATE market and will bring about transparency and stability in the business. The … Continue reading RERA NOTIFICATION IN KARNATAKA AND THE IMPLEMENTATION OF GST AND ITS EFFECTS ON THE REALTY SECTOR IN KARNATAKA

SERVICE TAX GOES UP BY 0.5% WITH THE ADDITIONAL LEVY OF KRISHI KALYAN CESS


Service Tax Rate to be 15% from 01.06.2016 with the addition of Krishi Kalyan Cess Enabling provision for levy of “Krishi Kalyan Cess”: Krishi Kalyan Cess is proposed to be levied with effect from 1st June, 2016 on any or all the taxable services at the rate of 0.5% on the value of such taxable services. … Continue reading SERVICE TAX GOES UP BY 0.5% WITH THE ADDITIONAL LEVY OF KRISHI KALYAN CESS

PROPERTY GUIDANCE VALUE REVISED OR INCREASED IN BANGALORE URBAN AND RURAL DISTRICT WITH 15 DAYS NOTICE TO FILE OBJECTIONS


The State Government has increased the Guidance Value or the Circle Rates or the Market Price of the property in Bangalore Urban, Bangalore Rural District and Ramnagar District with 15 days notice to submit the objections, if any, with supporting documents or evidence. In some areas, the increase is very steep and on an average … Continue reading PROPERTY GUIDANCE VALUE REVISED OR INCREASED IN BANGALORE URBAN AND RURAL DISTRICT WITH 15 DAYS NOTICE TO FILE OBJECTIONS

Service Tax – 14% will come into effect only from the date of notification


The Hon’ble President has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015. Accordingly, the Finance Bill, 2015 now becomes Finance Act (No.20), 2015. However, it is to be noted here that increase in the rate of Service tax from 12.36% to flat 14% (Subsuming Education cess and Secondary & Higher Secondary … Continue reading Service Tax – 14% will come into effect only from the date of notification

DID YOU CHECK AND VERIFY THE VAT TAX, SERVICE TAX, BESCOM DEPOSIT AND BWSSB DEPOSIT CHARGED BY THE SELLER/DEVELOPER ?


ONE OF OUR READER HAS DONE A CALCULATION OF VALUE ADDED TAX, SERVICE TAX, BESCOM DEPOSIT, BWSSB DEPOSIT, LEGAL CHARGES, GENERATOR CHARGES, STAMP DUTY AND REGISTRATION FEES, WHICH WORKS OUT AT OVER 20% OF THE STATED OR QUOTED PRICE OF THE PROPERTY, APART FROM THE CHARGES PAID OR PAYABLE FOR OBTAINING THE BANK LOAN, WHICH … Continue reading DID YOU CHECK AND VERIFY THE VAT TAX, SERVICE TAX, BESCOM DEPOSIT AND BWSSB DEPOSIT CHARGED BY THE SELLER/DEVELOPER ?

FLAT/APARTMENT BUYERS/PURCHASERS – VAT AND SERVICE TAX PAID BY YOU HAS BEEN DEPOSITED WITH THE GOVT


THE HONEST AND GENUINE BUYERS OF APARTMENTS/FLATS WILL BE IN FOR ROYAL JOLT, IF THEY CHECK THE CREDENTIAL OF THE BUILDERS/DEVELOPERS REGARDING TAX COMPLIANCE. MAJORITY ARE TAX EVADERS AND IF FOUND OUT, THEY WILL ELIMINATE THE OFFICER AS THEY DID TO LATE.D.K.RAVI.  IT IS THE LAND/BUILDERS MAFIA. THEY MUST BE INVESTIGATED BY THE COMMERCIAL TAX … Continue reading FLAT/APARTMENT BUYERS/PURCHASERS – VAT AND SERVICE TAX PAID BY YOU HAS BEEN DEPOSITED WITH THE GOVT

HAVE YOU BOUGHT AN APARTMENT IN BANGALORE? DID YOU EVER BOTHER TO CHECK THE FOLLOWING STATUTORY TAX ISSUES?


THE APARTMENT OR FLAT BUYERS MAY NOT NECESSARILY BOTHER ABOUT THE TAX ISSUES OF THE PROPERTIES BOUGHT BY THEM, LIKE VALUE ADDED TAX AND SERVICE TAX. IN MAJORITY OF THE CASES, THE SELLERS, HAVE COLLECTED THE VAT AND SERVICE TAX THROUGH EMI/INSTALMENTS OR ONE TIME PAYMENTS, HAVE NOT DEPOSITED THE SAME WITH THE CONCERNED DEPARTMENTS … Continue reading HAVE YOU BOUGHT AN APARTMENT IN BANGALORE? DID YOU EVER BOTHER TO CHECK THE FOLLOWING STATUTORY TAX ISSUES?

TAX EVADERS (LEADING CREDAI BUILDERS) IN THE NET


VAT TAX  THE COMMERCIAL TAXES DEPARTMENT HAS WOKEN UP AND RAIDED SEVERAL BUILDERS LIKE MANTRI, DS MAX, EMBASSY AND NITESH AND COLLECTED OVER 140 CRORES IN THE ARREARS OF VAT COLLECTED BY THESE BUILDERS FROM THE BUYERS OF THE PROPERTY. IT IS TO BE NOTED THAT THESE BUILDERS COLLECT THE VAT OR COMMERCIAL TAX FROM … Continue reading TAX EVADERS (LEADING CREDAI BUILDERS) IN THE NET

SERVICE TAX – Service tax Changes on Construction of a complex, building, civil structure


NOTIFICATION NO 9/2013 – ST., Dated: May 8, 2013 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of … Continue reading SERVICE TAX – Service tax Changes on Construction of a complex, building, civil structure

BUDGET – INTEREST BENEFIT FOR LOWER CATEGORY – TDS FOR HIGHER VALUE HOMES – SERVICE TAX ABATEMENT AT 70% FOR HIGH END APARTMENTS


First Home Buyer will get an additional benefit on Interest limit: There is an additional deduction available on interest repaid on a loan for a first time house purchase. The benefit has been increased by an additional Rs 1 lakh and this will be over and above the Rs 1.5 lakh limit already available,provided, if … Continue reading BUDGET – INTEREST BENEFIT FOR LOWER CATEGORY – TDS FOR HIGHER VALUE HOMES – SERVICE TAX ABATEMENT AT 70% FOR HIGH END APARTMENTS

SERVICE TAX – SLAB INCREASED FROM 10% TO 12 %


THE SERVICE TAX ON THE CONSTRUCTION INDUSTRY HAS BEEN HIKED TO 12%. THE NET EFFECTIVE INCREASE IS 20% ON THE TAX CHARGED BY THE BUILDERS.

Service tax on construction services-A clarification from the department


Circular No. 151/2/2012-ST F.No.332/13 /2011-TRU New Delhi, 10th February, 2012 Subject: Service tax on construction services — regarding. Many issues have been referred by the field formations, in the recent past, seeking clarification regarding the levy and collection of service tax on construction services [clauses (zzq),(zzzh) of section 65(105) of the Finance Act, 1994], in the light … Continue reading Service tax on construction services-A clarification from the department