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Part B : INDIRECT TAXES
SERVICE TAX UPDATE
Notifications :
74 Marginal relief to buyers of residential, commercial or
industrial properties under construction — Notification No. 29/2010 — Service
Tax, dated 22-6-2010
W.e.f. 1-7-2010, this Notification has amended Notification
No. 1/2006-Service Tax dated 1st March, 2006, so as to grant enhanced exemption
from so much of the service tax leviable as is in excess of the 25% (in place of
earlier 33%) of the value of gross amount charged for the services provided in
relation to commercial or industrial construction or construction of complex.
However, this exemption shall not apply where the cost of land has been
recovered separately from the buyer by the builder or his representative.
