As per the sources available to www.propertykhazana.com, in spite of big remonstration from various sectors of India Inc, the finance ministry is unlikely to go with its decision of charging Service Tax on leasing of permanent land for commercial purposes. Such land rentals are necessary services and must be bought under the service net tax, but still final result is expected for improvement to the Finance Bill which is probably to be brought in the parliament after the recess. About 12.36% of service tax will be charged on rental of commercial land and FINMIN is also thinking regarding hiking the range of service tax to land rented for housing purpose. Per se, there is no such plan in ministry pipeline.
According to the sources available to www.propertykhazana.com, Finance Minster P. Chidambaram had launched service tax on leasing permanent land used for commercial reason in Budget 2007-08. The plan is not widen to the housing land, unused property used for agriculture and same reasons and permanent land for educational or religious reasons. The main victims will be corporate’s, internationals, retail sector, hotels, BPOs, IT companies and multiplexes, majority of these companies specially BPO’s acquire the land on rent to continue their workings. There was a common reason for remonstration from all quarters of life like realty explosion, next to the lack of commercial space which has already pushed the leasing prices to exorbitant and service tax will be an extra encumber.
Source: NIMMA BENGALURU
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