{"id":849,"date":"2010-07-04T18:59:51","date_gmt":"2010-07-04T13:29:51","guid":{"rendered":"http:\/\/apartmentadda.com\/blog\/?p=849"},"modified":"2023-11-02T06:40:56","modified_gmt":"2023-11-02T06:40:56","slug":"finmin-refuses-to-remove-service-tax","status":"publish","type":"post","link":"https:\/\/adda.io\/blog\/2010\/07\/finmin-refuses-to-remove-service-tax\/","title":{"rendered":"FinMin refuses to remove Service Tax"},"content":{"rendered":"<p>As per the Economic Times today, the Finance Ministry has refused to withdraw the Service Tax imposed on construction <a href=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2010\/07\/223811_newspaper.jpg\" data-rel=\"penci-gallery-image-content\" ><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-850\" title=\"223811_newspaper\" src=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2010\/07\/223811_newspaper.jpg\" alt=\"223811_newspaper\" width=\"300\" height=\"199\" \/><\/a>projects in the Real Estate Sector.<\/p>\n<p>ET reports further:<\/p>\n<p>The Budget for 2010-11 proposed a service tax of 2.5 per cent on all under-construction projects in the real estate sector. The  Urban Development Ministry, however, wanted to get the tax revoked on the plea  that the sector was still to recover from the economic slowdown which it  witnessed two years ago.<\/p>\n<p>Urban Development Minister S Jaipal Reddy had on April 15 met Finance Minister Pranab Mukherjee and sought the removal of the  service tax.<\/p>\n<p>In the meeting, Reddy had said that the sector was going  through a difficult phase and the service tax could hurt its interests as also  that of the middle class families.<\/p>\n<p>Sources in the Urban Development Ministry said that the proposal has not been accepted as the ground situation in  the sector had changed since the request was first made.<\/p>\n<p>&#8220;It has been observed that in the last four months or so there has been an upswing in the realty sector and it has  overcome recession successfully,&#8221; an official said.<\/p>\n<p>The service tax of 2.5 per cent on the actual sale value will be imposed on all under-construction  projects from this month.<\/p>\n<p>As the developers are not expected to absorb the new tax, they would pass it on to the consumers leading to an increase in  costs of apartments all over the country, which would hurt the consumers  directly, the sources said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As per the Economic Times today, the Finance Ministry has refused to withdraw the Service Tax imposed on construction projects in the Real Estate Sector. ET reports further: The Budget&hellip;<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[2024,2019],"tags":[238],"class_list":["post-849","post","type-post","status-publish","format-standard","hentry","category-adda-community-accounting","category-adda-india-housing-society-apartment-management","tag-service-tax-refund"],"_links":{"self":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/comments?post=849"}],"version-history":[{"count":1,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/849\/revisions"}],"predecessor-version":[{"id":17216,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/849\/revisions\/17216"}],"wp:attachment":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media?parent=849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/categories?post=849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/tags?post=849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}