Committee formed to calculate VAT in Maharashtra
The confusion over VAT payable by the builders and buyers in Maharashtra is being handled carefully by the state government and builders alike.
The Maharashtra Chamber of Housing Industry (MCHI)-Confederation of Real Estate Developers’ Associations of India (CREDAI) has set up a four-member committee to look for the best option for developers to compute Value Added Tax (VAT).
The committee is to compute VAT and then pass it on to buyers who purchased flats between 2006 and 2010. The best option will be drawn up after the committee gets clarity from the state on points like deductions on marketing fee, interest cost, etc.
Confusion had arisen among developers over varied VAT calculations and the committee has been formed to clarify issues relating to VAT.
Builders, compute VAT, CREDAI, home buyers, Maharashtra, Maharashtra government, Mumbai Builders, Property Buyers, state government of Maharashtra, The Maharashtra Chamber of Housing Industry (MCHI), value added tax (VAT), VAT
[...] Committee formed to calculate VAT in Maharashtra [...]
[...] Committee formed to calculate VAT in Maharashtra [...]
Buyers who purchased flats between 2006 and 2010 may be liable for paying VAT to the respective Builder/Developer. It is mandatory to the seller Developer to assess the effective cost liable and attract the VAT. The deductions of VAT credits availed on inputs, interest part, sales promotion cost, administrative cost should be deducted in proportion to the flat cost received. Please guide on this issue. Regards.