CREDAI opposes government’s imposition of VAT
The Confederation of Real Estate Developers’ Association of India (Credai), Pune Metro, has opposed state government’s order asking them to pay value added tax (VAT) on flats that were sold between June 2006 and March 2010.
The number of flats that were sold during the period in Pune is estimated to be over 1.5 lakh. Credai director-general D K Abhyankar stated that after April 1, 2010 the developers have been paying 1 per cent VAT on property sale under the composite scheme.
A petition has already been filed in the apex court which remains pending. However, the government has asked developers to clear VAT by August 30. In response, Credai requested the finance department to extend the deadline.
The developers’ body maintains that real-estate industry is already battling issues of delay in clearances in real-estate projects and the new order has only made the situation worse.
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Confederation of Real Estate Developers' Association of India (CREDAI), CREDAI-Pune metro, Indian real estate, Indian real estate sector, Pune developers, Real estate in India, Real Estate India, Real Estate Industry, Real Estate Sector, Realty News, value added tax (VAT)
AS BUILDERS CHARGES THE BASE VALUE, WHICH INCLUDES THE CONSTRUCTION COST, HE TAKES HIS PROFIT FROM HIS INVESTMENT, WHY SHOULD PUBLIC BEAR VAT
[...] CREDAI opposes government’s imposition of VAT [...]
[...] CREDAI opposes government’s imposition of VAT [...]