Maharshtra govt to waive penalty on VAT
Maharashtra finance minister has indicated that the state government will provide a waiver on 15 per cent interest as penalty on value-added tax (VAT) levied on property transactions between 2006 and 2010.
The news comes as a relief for the property developers and buyers. The government further clarified that VAT will be levied only on the cost of building material and not on the cost incurred on labour, engineering, architecture and construction services.
Since many builders are yet to pay the tax, the government, in its circular, had earlier demanded that 15 per cent interest should be charged as penalty.
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Thane Municipal Corporation’s property tax proposal criticised by political parties
Architecture, Construction, cost of building material, cost of labour, Engineering, Interest, Maharashtra finance minister, Property developers, Property transactions, The state government of Maharashtra, value added tax (VAT), waiver on VAT
[...] Maharshtra govt to waive penalty on VAT [...]
[...] Maharshtra govt to waive penalty on VAT [...]