What changes have been effected by the Finance Bill, 2010 with respect to construction of commercial / industrial premises and residential complexes?
Following changes have been carried out by the Finance Bill, 2010. 1) Deletion of the word “service” from title of section 65(25b) i.e. definition of commercial or industrial construction 2) Deletion of the word “service” from clause 65(105)(zzq) i.e. commercial or industrial construction 3) Insertion of “Explanation” under sub-clause (zzq) in section 65(105) i.e. commercial or industrial construction 4) Insertion of “Explanation” under sub-clause (zzzh) in section 65(105) i.e. construction of a complex 5) Insertion of new clause zzzzu in section 65(105) i.e. levying of Service Tax (ST) on the amount collected towards preferential location or internal / external development.
