Service tax calculation for flats

Many of us are unaware of the actual service tax to be paid for an under-construction flat and assume this to be 3.09% of total cost at the time of buying. But, to plan our finances better, exact service tax amount calculation is of extreme significance.

Below is a break up of applicable service tax depending upon the time of installment payment.

Please note that we have updated notification date to 1st June, 2015 for service tax increase from 12.36% to 14% after 2015 union budget.

S.No Description  Effective Rate of Service Tax (01.07.2010 to 31.03.2012)  Effective Rate of Service Tax (01.04.2012 to 30.06.2012)  Effective Rate of Service Tax (WEF-01-7-2012) Effective Rate of Service Tax (WEF-01-6-2015)
1 Basic Price 2.575% 3.09% 3.09% 3.5%
2 External Development Charges (Paybale to HUDA) 0.00% 0.00% 0.00% 0.00%
3 Internal Development Charges (Payable to HUDA) 0.00% 0.00% 0.00% 0.00%
4 Preferential Location Charges 10.30% 12.36% 12.36% 14.00%
5 Open Car Parking 0.00% 0.00% 3.09% 3.5%
6 Covered Car Parking 0.00% 0.00% 3.09% 3.5%
7 Club Membership Fee 10.30% 12.36% 12.36% 14.00%
8 Interest Free Maintenance Security Deposit 0.00% 0.00% 0.00% 0.00%
9 External Electrification Charges 10.30% 12.36% 3.09% 3.5%
10 Fire Fighting Charges 10.30% 12.36% 3.09% 3.5%
11 Power Backup Charges 10.30% 12.36% 3.09% 3.5%
12 Ground Rent/Lease Rent (Payable to Noida Authority) 2.575% 3.09% 3.09% 3.5%
13 Admin Charges 0.00% 0.00% 12.36% 14.00%
14 Transfer Charges 0.00% 0.00% 12.36% 14.00%
15 Restoration Charges 0.00% 0.00% 12.36% 14.00%
16 Interest from Customer 0.00% 0.00% 0.00% 0.00%

 

We hope the above helps.

Comments/feedback invited.

Last updated: July 1, 2015 at 18:23 pm

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7 thoughts on “Service tax calculation for flats

  • October 9, 2015 at 1:11 am
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    Thanks You Sir. Let me talk to Victory Builder once again and Also I will wait for your input onto 3rd point.

    3) Confirm me Break Up of 1 % TDS amount which is applicable for property above 50 Lakhs. Does It applicable only if your BSP or BSP+PLC or BSP+PLC+All Other Component. amount goes above 50 Lakhs.

    Reply
  • October 6, 2015 at 5:28 pm
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    Hi Sir,

    I am holding a Flat in Noida sector – 143 B and I need to make final payment to builder – Victory Infratec Pvt Ltd. So required your suggesting onto few below mentioned topics.

    1) Can you please re-review all above mentioned16 components service tax which are effective from 01-6-2015. As my builder charging 14% service tax for many components which you mentioned as 3.50% in you above post. After re-reviewing kindly update the above post with correct service tax amount.

    2) Specifically let me know the current service tax for below component.
    a) BSP
    b) PLC
    c) EXTRA covered car Parking.
    d) Dual Meter Charges.
    e) Lease Rent (Payable to Noida Authority)
    f) IFMS
    g) Extra Power Back-up
    h) FFTH – Fiber Cable
    i) Maintenance Charges

    3) Confirm me Break Up of 1 % TDS amount which is applicable for property above 50 Lakhs. Does It applicable only if your BSP or BSP+PLC or BSP+PLC+All Other Component. amount goes above 50 Lakhs.

    Reply
    • October 8, 2015 at 10:50 pm
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      Hi Anupam, Charges are as applicable and there shall not be a variation. Paras, Jaypee and 3c are charging accordingly and we have re-verified the same.
      Dual meter charges and FFTH will be charged at 14%.
      Will get back on TDS query.

      Reply
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