The Institute of Chartered Accountants of India (ICAI), the accounting regulator, is looking to consult with the finance ministry to simplify the structure of service tax on construction activities and push three methods of calculating the tax.
The real estate developers in the country were opposing the service tax levied on the construction sector in the budget. To please developers and protect home owners from a drastic hike in home prices, finance minister Pranab Mukherjee had on April 29 reduced the gross sale value of property from 33% to 25% for tax consideration, which in effect would reduce the taxable portion.
ICAI has suggested that tax can be computed through three methods:
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Do you already know about 1% VAT charged by Maharashtra state gov?
ReplyDeleteActually, one of my friend has given chaque to builder but still there is no debit entry.