CREDAI calls for one per cent VAT norm
Confederation of Real Estate Developers Association of India (CREDAI) has called for the one per cent norm related to VAT payment to be adopted for the retrospective period between 2006 and 2010.
The issue is pending with the Supreme Court, which had issued an interim order asking that the VAT on properties sold between the said period should be paid by October 31.
The Bombay High Court has recently dismissed the petition filed by a group of builders challenging the decision to impose VAT on them for flats already sold.
However, despite the court dismissal, the CREDAI has decided to go ahead with its demand for adopting a simple procedure of charging 1 per cent VAT on their property as per the prevailing norm.
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