Builders’ offices raided for evading VAT, recovered RS 20 cr
The sales tax department of Mumbai raided offices of 15 builders including Marathon, Ajmera, Keystone, Bhoomi realty, Naman and Acme, for evading payment of value added tax (VAT) and recovered Rs 20 crores.
The Bombay high court had upheld the 1% VAT imposed on the sale of properties by the state in April.
The builders had been collecting the tax from the buyers during the trial, and were waiting for the judgment to submit it to the government. The buyers were told the sum would be refunded if the verdict is in their favour.
Builders did not pay the tax even after the state won the case . Hence, the builders will also have to pay penalty for tax evasion, Sales tax commissioner Sanjay Bhatia said.
MCHI said Maharashtra government is not interested in affordable housing
Source: News One India
Builder, Builders, Builders and developers, Builders in Mumbai, Buildings, Mumbai, Properties, Property, Sales Tax Commissioner, The sales tax department, VAT
