Victoria , Apartment Resident
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MVAT CLARITY
Q: I have purchased a flat in Mumbai in Oct 2010 . Got the same registered in Nove 2014. Agreement value is Rs.56,55,220/- Paid Rs 56552 as MVAt to the builder i.e. 1 % of the agreement value. But the builder now claims I still have to pay Rs 5613/- balance of MVAT as the market value of my flat in november 2014according to ready recknor is Rs.62,16,500/-. According to the builder MVAT Rate 1% is applicable on either agreement value of market value, whichever is higher . Is what the builder demanding legit?

Latest Answer: Hi, You builder is right. You have to pat MVAT @1%on either agreement value or market value whichever is higher.

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