New Delhi: The ministry of finance is on a move to increase the service tax on construction, making it even harder for prospective buyers. However, the escalated taxes will only be applicable to the properties that cost above 1 crore or having the carpet area more than 2000 sq ft. The apex indirect tax body, Central Board of Excise and Customs has decided that the lower tax will only be enjoyed by those buyers whose specifications were below the mentioned figures.The usual figure is 12% on 25% of the property value (around 3%). But according to the new norms, if a property cost more than 1 crore or have a carpet area of more than 2000 sq ft then the tax will be levied on 30% of the total value of the property (around 3.6%).Commercial properties are more likely to get hit by these new norms as most of them have large areas and cost heavy. Changing of norms has been questioned as the time is crucial for real estate where piling up of inventories in continued.The tax will be applied on all properties that are under construction. Approximately more than 4.5-5 lakh homes are expected to be delivered in 2013 (according to sources), with improved tax norms.займ на карту без отказов круглосуточновзять кредит онлайн