WORKS CONTRACT

Presently, the Service Tax on sale of space when under construction will attract 3.75% considering abetment of 75%. VAT on works contract is 1% in some states and higher tax in some other states. Put together, both taxes come to 4.75% or higher percentage depending on VAT rate. Under present GST law, an input tax credit shall not be available in respect of “goods and/or services acquired by the principal in the execution of WORKS CONTRACT when such contract results in construction of immovable property”. However, any possible reduction in costs on implementation of GST.



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