Saturday, September 15, 2012

12.36% service tax on commercial property - Real Estate India


??|?? September 14, 2012 ?? 08:39am ??|Contributed by manoja

CHANDIGARH : Those having leasehold commercial property in city will have to shell out 12.36% per annum service tax, which is being recovered with effect from year 2007. Notices are already being sent out by the estate office. Almost all commercial property in the city after Sector 31 is on lease and it includes the commercial complexes in sectors 34 and 35.

The move has invoked sharp criticism from businessmen, who claim that they are already paying heavy lease money, and the administration is putting unnecessary burden on them. In sharp contrast, commercial property in Mohali and Panchkula is freehold and is free from service tax.

On the other hand, an official said the decision to charge service tax had been taken five years back and UT was only recovering it now.

http://timesofindia.indiatimes.com/city/chandigarh/12-36-service-tax-on-commercial-property/articleshow/16391315.cms

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Source: http://www.indianrealtynews.com/chandigarh/12-36-service-tax-on-commercial-property.html

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