VAT on booking of Flats under construction – A big question mark

VAT on booking of Flats under construction – A big question mark Posted: 12 Aug 2012 08:13 PM PDT Sales tax / VAT is either payable on sales of goods or on deemed sales within the meaning of Article 366(29A)(b) of the Constitution on the value of goods transferred in the execution of a works contract. To constitute a works contract, there should be two parties to the contract which should be... Reverse Charge Mechanism of Service Tax Posted: 12 Aug 2012 08:00 PM PDT Reverse charge mechanism is not a new concept in service tax. Under the reverse charge mechanism, instead of service provider, the service receiver is liable to pay service tax. In that case, the service receiver will register himself with service tax authorities and file the required returns. The...