Service Tax Archive
22 Jan 2013
Service Tax for Housing Societies – Clarity
The Budget of July-2012 has given considerable clarity about Service Tax for Housing Societies. Right after the Budget we had presented the interpretations in this article. The article included inputs from Society Auditors, Service Tax consultants in the Big Fours, and almost every CA who is a Treasurer on our Network! While the article tickled
16 Jun 2012
Is your Housing Society Taxable?
Post Budget 2012, the eligibility of a Society for Service Tax collection and remittance can be calculated as below: Step1: Total all collections of last year, subtract collections that went towards payments to local authorities (e.g., payments to Municipality) = Rs.A Step 2: Find the number of Members in your Society (If one Owner has
14 Jun 2012
Service Tax for Housing Societies – impact of Budget 2012
There have been Drastic Changes in the Service Tax law as applicable to Apartment Owners Associations or Cooperative Housing Societies, as presented in Budget 2012. These changes are applicable from 01-July-2012. We compile below all the changes. A circular with clear details from the Service Tax Department is still awaited. Below have been compiled with
14 Jun 2012
Applying July-2012 Service Tax changes in your ADDA
If you are performing your Society Billing on ApartmentADDA, below are the suggested changes for the Service Tax reforms of Budget 2012. If your Society already collects Service Tax from Members Analyze the Billing for 01-July-2012. For each Flat Member, calculate the total of the Monthly or Quarterly Recurring Invoice. Subtract the amount paid to
14 Jun 2012
Service Tax registration for Housing Societies
The Procedure for Service Tax Registration for a Housing Society or Apartment Owners’ Association is as follows. 1. Application ST-1 needs to be filled. Can be downloaded here: http://www.servicetax.gov.in/forms/st1.pdf 2. The Application is to be signed by the authorized signatory of the Society/Association – typically the President or Secretary. 3. Following documents to accompany the
09 Apr 2012
Service Tax of 12.36% from 01-Apr-2012
Dear ADDA Treasurers, Some of you have written to us about when to start charging the Service Tax of 12.36%. The answer is: from 01-April-2012. While the Parliamentary approval on the Budget Proposal is pending, the budget document states the date from which various changes are applicable. The budget document is available here: http://indiabudget.nic.in/ub2012-13/mem/mem2.pdf Page
02 Aug 2010
Service Tax for Apartment Purchase
From the Govt. Circular dated July 2010, there is sufficient clarity that: Payments received by a Builder of a Residential Complex from the Purchaser on and from 1st July, 2010 onwards is subject to Service Tax. All payments made to the Builder by the Purchaser, before 1st July 2010, is exempt from Service Tax. No