Hello,
I am purchasing a Flat in Bangalore of cost=3358000, Government cost/registration value is 2401000 Rs.
Now to register the property, Builder is asking 4% VAT and 4% Service Tax on registration value(2401000), it comes to 1,92,080 Rs.
As I checked in many websites forums, VAT and ST are calculated on material and Labor cost respectively( 60:40 % ), I also came to know that for Service Tax there is a Abatement of 75% i.e. 25% of Service cost is subjected to tax.
Kindly provide me updated/latest information on VAT and Service Tax calculations at the earliest.
Thanks in advance...
Mahesha S
Bangalore
