How Service Tax And VAT Is Calculated On Under-Construction Property

Rakesh (name changed) has always dreamt of owning his own home. Now with a salary increment, he was closer to turning his dream into a reality. He shortlisted a few under-construction properties that met his budget of Rs 60 lakh. However, as he readied himself to pay, he enquired about the actual cost of the apartment from the developer. The cost sheet supplied to him included two additional charges – Value Added Tax (VAT) and Service Tax, which he was unaware about.

Are you also unaware about these additional charges as Rakesh?

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