Finance Bill 2016
Abatement in case of Construction of a complex, building, civil structure or a part thereof, intended for a sale to a buyer, wholly or partly except where entire consideration is received after issuance of completion certificate by the competent authority (Applicable w.e.f. 01.04.2016):
The applicable abatement rate for this service is 70%. However, a concessional/ excessive abatement rate of 75% was provided for a residential unit satisfying both the following conditions, namely:
(i) The carpet area of the unit is less than 2000 square feet: and
(ii) The amount charged for the unit is less than rupees one Crore.
However, now this concessional abatement rate for above mentioned residential units is withdrawn. In other words, w.e.f. 01.04.2016, a single abatement rate of 70% shall be applicable