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of <h1>India Amends Service Tax Rules for Construction Services; New Rates Based on Unit Size and Price Effective March 2013.</h1> The Government of India, through the Ministry of Finance, has amended Notification No. 26/2012-Service Tax, dated June 20, 2012. The amendment, effective March 1, 2013, modifies entry 12 in the notification. It pertains to the service tax on construction services, specifically for complexes, buildings, or civil structures intended for sale, with exceptions when the entire payment is received post-completion certificate issuance. The amendment specifies conditions regarding CENVAT credit and land value inclusion. Different tax rates are applied based on residential unit size and price, with 25% for units under 2000 square feet or priced below one crore rupees, and 30% for others.
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