Is service tax and VAT is chargeable on discounts. Pls explain pte GST and POST GST implications.
In my case I hv booked apartment in march 2015. Payment terms on instalment. Builder charged vat and service tax and vat on every instalment. All payments made fully.
In June 2017 I got discount about 3.00 lacs on the total cost as credit note on account of price reductions as builder charged very highest rate.
But builder not adjusting service tax and VAT on discount amount.
Pls advise if service tax and VAT to be refundable to me or not.
If yes or no for both suggest any settled case laws more
In my case I hv booked apartment in march 2015. Payment terms on instalment. Builder charged vat and service tax and vat on every instalment. All payments made fully.
In June 2017 I got discount about 3.00 lacs on the total cost as credit note on account of price reductions as builder charged very highest rate.
But builder not adjusting service tax and VAT on discount amount.
Pls advise if service tax and VAT to be refundable to me or not.
If yes or no for both suggest any settled case laws more
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Oct 31
The Rules allow the service tax to be adjusted against the price reduction. However, tax authorities at times disallow such adjustments if discount was not in the original terms of the contract. Therefore, all builders including TATA do not refund the Service Tax or VAT on the discounts negotiated later. more
Aug 13
Most probably the discount includes Taxes also I presume. Further what was the agreement between you and the builder is a point of discussion.You must have got the cash back by a Bank Cheque or demand draft. I am surprised to hear that a credit note was given? Please explain whetgher you had received the cash or not. I do not know whether you are his debtor and he is your creditor? If not where is the question of adjustment entry -you say a credit not for discount?? Whether the total payment made was rs 3 lakhs less???? more
Aug 14
You are lucky that your builder gave you discount. Otherwise, I have not seen any builder giving discount after receiving payments. You should in fact thank him more
Aug 13
For booked apartment, there is usually land agreement & construction agreement. During Pre-GST period, sevice tax & VAT etc was charged on the agreement values. When additional discount was given in June'17, the above agreements should have been re-made with revised agreement values. Post-GST rules are based on the agreement values. So please revise the two agreements at the earliest, which will help you during final payment, possession, mutation and municipal rate calculations. In case you have single agreement, please revise that also. more
Aug 13
