value added tax (VAT)
A bunch of petitions were dismissed by the Bombay High Court as the petitions challenged the state government’s decision to levy the builders with a 5% Value Added Tax (VAT) on buildings which were under construction from 2006 to 2010. This rule was declared a day before the tax payment deadline. Justice Dhananjay Chandrachud and Justice Rajesh [...] Continue Reading »
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 [...] Continue Reading »
The state sales tax department of Maharashtra has insisted that the payable value added tax (VAT) is much less than three per cent. This has put buyers who purchased flats between 2006 and 2010 and had paid money, in a fix as to how to recover the additional amount paid. Till now, there has been [...] Continue Reading »
The Bombay Chartered Accountants Society (BCAS) has urged the state government to levy a uniform one per cent tax on buyers who purchased flats between 2006 and 2010, and those after 2010. The sales tax department and developers are yet to arrive at a mutual agreement over the quantum of Value-Added Tax (VAT) leviable, the [...] Continue Reading »
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 [...] Continue Reading »
The state sales tax department has been able to make the builders register with them as the battle for paying VAT seems to swing towards the government. The builders in Nashik have started registering with the sales tax department of the state government. Confederation of Real Estate Developers’ Association (CREDAI) has reportedly decided to pay [...] Continue Reading »
Over four lakh flat owners in Maharashtra, who had bought properties between June 20, 2006 and March 31, 2010, may have to pay Value Added Tax (VAT) to the state government. As the state government plans to recover VAT, a trade circular is issued by the Maharashtra sales tax commissioner on August 6. The tax [...] Continue Reading »
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. [...] Continue Reading »
