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Service Tax

BJP to levy commercial property taxes

BJP to levy commercial property taxes
The BJP government has decided to levy commercial property taxes on properties owned by discoms and power generation companies due to the steep hike in power tariff, especially in streetlights. According to officials, discoms are charging electricity at commercial rates for street lighting and operating pumps in corporation parks. As per the recent order, the [...] Continue Reading »

Assam realty front suggests government to lessen tax burden on housing

Assam realty front suggests government to lessen tax burden on housing
To decrease the burden of tax on housing properties, Assam Real Estate and Infrastructure Developers’ Association (AREIDA) has suggested the state government to combine the tax into a whole of 10 per cent which includes VAT, service tax, stamp duty, registration, labour cess and NOC fees. The state is already witnessing a hike in property [...] Continue Reading »

Governmental valuation is 10-45 percent less than actual market price

Governmental valuation is 10-45 percent less than actual market price
The guideline value of the properties in Chennai are 10 to 45 percent less than the actual market price. After five years the Chennai government has revised the Guidelines values last year. This value is used by the government to access the value of the property for collecting the service tax. Growing demand for housing [...] Continue Reading »

Cost of real estate properties will increase

Cost of real estate properties will increase
With the increase in input cost for the real estate industry, a rise in the property cost is expected in the real estate market in the country. With the hike in service tax, the cost of cement, steel and the labour wages have increased sharply in India. As a result of the rise, the scope [...] Continue Reading »

Impact of Budget 2012 on affordable housing

Impact of Budget 2012 on affordable housing
This year budget has brought great hopes for those builders who were indulged in developing affordable homes. As per the current external commercial borrowing (ECB) norms, interest rates will be charged less in case of loan taken from foreign financial institutions than domestic ones. Also loans have been made cheaper for affordable homes’ buyer by [...] Continue Reading »

Post Budget scenario: Property price will increase

Post Budget scenario: Property price will increase
According to the different Realtors, the union Budget 2012 came up as a disappointing budget for the middle range of home buyers. Due to the rise in service tax the cost of construction of real estate projects will increase by Rs 50 to 150 per square feet from the coming April, 2012. External commercial borrowing [...] Continue Reading »

TDS will increase hassle for home buyers

TDS will increase hassle for home buyers
Finance minister has proposed for Tax Deducted at Source (TDS) to all who buys immovable property (other than farm) worth Rs 50 lakh or above in cities and Rs 20 lakh in other areas, must withhold tax of 1% of consideration. And the buyers should provide the proof of remitting the 1% tax in time [...] Continue Reading »

Service tax to be levied on construction of flats

Service tax to be levied on construction of flats
As per the recent Bombay High court’s order, service tax will be levied on construction of properties. Earlier, Maharashtra Chamber of Housing Industry (MCHI) challenged the order of paying extra service tax. The order also stated that only state government has the power to levy tax on flats, buildings and other plots. MCHI has already [...] Continue Reading »

Mumbai builders held responsible for non-payment of property tax

Mumbai builders held responsible for non-payment of property tax
The service tax department in Mumbai traced that builders in the city had collected nearly Rs.50 crores as service tax but never seemed to have paid the same to the government. In concern with this trace, recently the service tax department collected Rs.20 crore from several builders in the city. These builders also promised to pay [...] Continue Reading »

Sale of Properties halted in Noida Ext after SC Order

Sale of Properties halted in Noida Ext after SC Order
Builders are estimated to have launched a minimum 50,000 housing units in Noida Extension, which is part of Greater Noida, but buyers are keeping safe distance in the face of the Supreme Court judgement annulling 156 hectares of land acquired for building about 6,000 of these houses. Sale of housing units have virtually come to [...] Continue Reading »



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