Services for Companies in Realty Sector
India s Real Estate Sector comes with its own unique problems and issues, Vis-a -Vis indirect taxes like VAT and Service Tax. After the 46th amendment to the Indian Constitution, States are allowed to levy sales tax on works contracts. Service tax has been levied on the real estate sector with effect from September 10, 2004 for commercial construction services, from June 16, 2005 for residential construction services and from June 1, 2007 for works contract services. Matters related to service tax and VAT, in respect of the Developers, Builders and Contractors are extremely complex and require expert advice especially in the light of the fact that the Real Estate Sector is repeatedly subjected to proceedings related to Intelligence, Investigation, Audit, Preventive, etc. We have an in-depth knowledge of the real estate sector and have been providing turn-key solutions for very large Developers, Builders and Contractors who operate in the residential and commercial space.
Please get in touch with us for your requirements related to VAT, service tax, entry tax, etc.
Our Solutions Cover The Following Areas, In Respect Of VAT and SERVICE TAX:
- complete handling of all procedures and practices relate to VAT including ascertainment of the monthly liability, availment of input credit, proportional credit where applicable, etc.
- filing of the periodical returns and revised returns
- handling assessments, re-assessments based on JDNs, proceedings related to Intelligence /Enforcement Department, Proposition Notices, etc.
- handling of SMR orders by the Joint Commissioners
- handling of appeals before the Joint Commissioners and the Tribunal
- assistance in determining the ideal scheme of VAT to go with…. Regular vs. Composition Scheme
- our solutions cover the following areas, in respect of Service Tax
- availment of cenvat credit on inputs and input services
- ascertainment of the monthly liability for service tax
- filing of the half-yearly service tax returns in Form ST-3 and filing of the revised ST-3 returns
- handling of assessments, audits and other issues
- handling of proceedings related to Anti-Evasion, Preventive and Audit Wings of the Department
- handling of Show Cause Notices, appeals before the Commissioner (Appeals) and the CESTAT
- obtaining refunds for service providers.
- overall planning for the right strategy to go with, vis-à-vis service tax