Dwarkadhis. Powered by Blogger.
RSS
Showing posts with label Asia. Show all posts
Showing posts with label Asia. Show all posts

Service Tax Information ( india ) – builders

11:08 PM | Labels: , , , , , , , , ,

Service Tax on Construction of Residential Complex
& other Services by Builders- Important Provisions


Service Tax India
Service Tax India

Info By – www.dwarkadhis.in
Real Estate Forum – www.dwarkadhis.in/forum


1.       Service Tax has been levied by Finance Bill 2010 on construction of a residential complex by builders- Clause (II) (5)
(Annexure-A attached)


2.       Service Tax has been levied by Finance Bill 2010 on PLC, EDC, IDC on construction of residential complex by builders- Clause (I) (6)
(Annexure-A attached)


3.       Provisions of Finance Bill has been came into effect from 01.07.2010 vide Notification No. 24/2010-Service Tax dated 22nd June 2010
(Annexure-B attached)


4.       Service Tax would be leviable @ 10.30% on the 25% value of the gross amount charged for sale of residential complex from the buyers by the builders vide Notification No. 29/2010-Service Tax dated 22nd June 2010.
(Annexure-C attached)


5.       Service Tax would be leviable @ 10.30% on the full value charged towards PLC, EDC and IDC. As no exemption has been granted therefore general rate of service Tax @ 10.30% would be leviable.


6.       Service Tax will be collected from the buyers on payment received on or after 1st July 2010 vide Notification No. 36/2010-Service Tax dated 28th June 2010.               (Annexure-D attached)


7.       Service Tax @ 10.30% on Club Membership is already applicable w.e.f. 16.06.2005 and service tax will be collected at the time of receiving of Club Membership Fees.


Annexure-B


[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
Government of India
Ministry of Finance
(Department of Revenue)
New Delhi, the 22nd June, 2010
Notification No. 24/2010 – Service Tax

G.S.R. (E).- In exercise of the powers conferred by clauses (A) and (B) of section 76 of the Finance Act, 2010 (14 of 2010),  the Central Government hereby appoints the 1st day of July, 2010, as the date on which the provisions of  the said Act shall come into force.


[F. No. B-1/24 /2010 -TRU]


(K.S.V.V.Prasad)
Under Secretary to the Government of India



Annexure-C

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
Government of India
Ministry of Finance (Department of Revenue)
New Delhi, the 22nd June, 2010

Notification No. 29/2010 – Service Tax

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 1/2006-Service Tax, dated the 1st March, 2006, G.S.R. 115(E), dated the 1st March, 2006, with effect on and from the 1st day of July, 2010, namely :-

In the said notification, in the Table, after S. No. 7 and 10 and the entries relating thereto, the following S. No 7(a) and 10(a) and entries shall be inserted, namely:-
(1) (2) (3) (4) (5)
“7(a). (zzq) Commercial or Industrial Construction This exemption shall not apply in cases where the taxable services provided are only completion and finishing services in relation to building or civil structure, referred to in sub-clause (c) of clause (25b) of section 65 of the Finance Act. Explanation.- The gross amount charged shall include the value of goods and materials supplied or provided or used for providing the taxable service by the service provider.
This exemption shall not apply in cases where the cost of land has been separately recovered from the buyer by the builder or his representative.		 25”;
“10(a). (zzzh) Construction of Complex This exemption shall not apply in cases where the taxable services provided are only completion and finishing services in relation to residential complex, referred to in sub-clause (b) of clause (30a) of section 65 of the Finance Act. Explanation.- The gross amount charged shall include the value of goods and materials supplied or provided or used for providing the taxable service by the service provider.
This exemption shall not apply in cases where the cost of land has been separately recovered from the buyer by the builder or his representative.		 25”.
[F. No. 334/03/2010 -TRU]
(K.S.V.V.Prasad)
Under Secretary to the Government of India

Note.- The principal notification No.1/2006-Service Tax , dated the 1st March 2006, was published vide number G.S.R.115(E), dated the 1st March, 2006 and last amended vide notification No.09/2010-Service Tax dated the 27th February, 2010, published vide number G.S.R.153(E), dated the 27th February 2010.

Annexure-D

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
Government of India
Ministry of Finance
(Department of Revenue)
New Delhi, the 28th June, 2010
Notification No. 36/2010 – Service Tax

G.S.R.    (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services specified in clause (A) of section 76 of the Finance Act, 2010 (14 of 2010) other than services referred to in clause (zzc) and (zzzz) of sub-section (105) of section 65 of the Finance Act from so much of the service tax leviable thereon under section 66 of the Finance Act as is in excess of the service tax calculated on a value which is equivalent to the amount of advance payment received before the said appointed date.
Explanation.-  For the purpose of this notification,
(i)         “Appointed date” means the 1st day of July, 2010;
(ii)         “Advance payment” means consideration received for the said taxable services to be provided.

2.         This notification shall come into force on the date of its publication in the Official Gazette.
[F. No. 334/3/2010 -TRU]

(K.S.V.V.Prasad)
Under Secretary to the Government of India

  • Digg
  • Del.icio.us
  • StumbleUpon
  • Reddit
  • RSS
Read User's Comments(0)
Posted by DPL Homes

Asian Property: a Decade After the Crisis

11:19 PM | Labels: , , , , , , ,

property in dharuhera
Info By – www.dwarkadhis.in
Real Estate Forum – www.dwarkadhis.in/forum
A decade after the 1997 Asian Crisis erupted, most housing markets in Asia are well on their way to recovery.  Boosted by strong economic growth and strong local and international demand, residential real estate prices in the Philippines, Singapore and South Korea rose by more than 10% in nominal terms y-o-y to Q1 2007.
In Hong Kong, after registering price falls in early 2006, the over-all residential price index is back in positive territory. The index rose 5.2% y-o-y to March 2007. However this is significantly lower than the annual price increases to the first quarter of 2005 and 2004, at 21% and 28%, respectively.
No bubble this time
Although property prices in most Asian countries are still below their peak levels, rapid price appreciation has taken place over the past five years, leading to renewed fears that a speculative property bubble is forming in several Asian countries.
The fear is not unfounded; one has only to recall Asia’s spectacular and disastrous property bubbles of the 1990s.
However, the recent price increases are actually recoveries from the previous slump caused by the Asian crisis and other phenomena.
As of Q1 2007, property prices in most Asian countries are in fact still below their peak levels in real terms.
Strong housing demand
Current economic and monetary conditions suggest continued strong demand for housing. All economies affected by the Asian Crisis grew by 5% or more in 2006. GDP growth from 2002 to 2006 has been markedly stronger than during the crisis period – 1997 to 2001, although slower compared to the tail-end of the “Asian Economic Miracle”.
As a result of financial and monetary reforms implemented after the crisis, banks and other financial institutions are in much better shape now. Asia’s mortgage market is set for a boom. This is despite the fact that mortgage lenders are more cautious of over-exposing themselves to particular sectors (some pundits worry that banks are actually being too cautious).
Despite recent interest hikes, in line with global interest rates, base interest rates for mortgage lending are generally lower now than before the crisis.
Socio-economic conditions also point to continued strong demand for residential properties. Strong urbanization and population growth has led to high population densities in several Asian cities.
In view of the relatively restrained dwelling price rises, strong economic growth and banking sector caution and healthy yields to be enjoyed on properties in Asia, talk of another bubble seems far-fetched.
Other problems
A more pressing concern for Asian economies is the continuation of reforms to improve real estate efficiency and transparency. Transaction costs remain high and the property registration is still cumbersome in several countries.
While Malaysia is encouraging foreign property buyers, Thailand’s military junta is pushing them away. Thailand announced that it is completing a crackdown on foreign companies established for the sole purpose of buying landed properties. While the motivation for this move is unclear, the signal is clear “foreigners are not welcome.” Political uncertainty and policy flip-flaps by the ruling junta are undoubtedly hurting the real estate market.
In the Philippines, proposed property market reforms are languishing in congress. These laws include the establishment of a centralized agency for registering property and a standard property valuation system.
Full Report:
http://www.globalpropertyguide.com/arti … id=93&cid=
Economics Team:
Prince Christian Cruz, Senior Economist
Phone: (+632) 750 0560
Email: prince@globalpropertyguide.com
Publisher and Strategist:
Matthew Montagu-Pollock
Phone: (+632) 867 4220
Cell: (+63) 917 321 7073
Email: editor@globalpropertyguide.com
Address:
Global Property Guide
http://www.globalpropertyguide.com
5F Electra House Building
115-117 Esteban Street
Legaspi Village, Makati City
Philippines 1229
info@globalpropertyguide.com
Terms of Use:
On-line newspapers, magazines, etc wishing to use material from this press release MUST provide a clickable link to http://www.globalpropertyguide.com
Read more: http://www.articlesbase.com/business-ar … z18uNSOWRa
Under Creative Commons License: Attribution

  • Digg
  • Del.icio.us
  • StumbleUpon
  • Reddit
  • RSS
Read User's Comments(0)
Posted by DPL Homes
Subscribe to: Posts (Atom)