Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: form 3cd :: TDS :: list of goods taxed at 4% :: due date for vat payment :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
 
 
VAT (Value Added Tax) »
 Shops cannot charge VAT on discounted items: Consumer forum
 Delhiites have to pay lowest taxes as AAP govt announces cuts on VAT on various items
 Tamil Nadu minister justifies VAT hike on fuel
 State Government urged to withdraw hike in VAT on petrol, diese
 High VAT may encourage illegal trading
 Delhi budget unlikely to have any new tax proposals this year
 Date for filing quarterly VAT returns extended
 Framing of Central Assessments - Dated 2-2-2017 - VAT - Delhi
 CENVAT Credit (Amendment) Rules, 2017
 VAT to Give Way to Consumption Tax
 Import stage VAT under new VAT law

Builders, consumer groups in row over VAT
October, 22nd 2012

Even as builders have once again issued notices to flat owners asking them to pay the Value Added Tax (VAT) before October 31 for their houses bought between 2006 and 2010, consumer groups are advising them against doing so, arguing that the October 31 deadline is for the builders to pay VAT to the government and not for the buyers.

Consumer activists also say that the flat owners willing to pay the tax should only do so after getting a VAT invoice from the builder to avoid paying more than the required amount.

As per a recent Supreme Court order, the Maharashtra sales tax department has directed the developers to pay the VAT for flats sold between 2006 and 2010 before October 31 to avoid levying of interest and penalty. Subsequently, most builders have sent notices to flat owners to pay VAT.

Activists allege that there is a lack of transparency in the way the developers are collecting VAT from purchasers and a lot of ambiguity in calculation of the amount. The amount of VAT to be paid by the flat owner, if calculated rightly, cannot be greater than one per cent of the agreement cost. But the builders are asking for anything between 3.5 and 5 per cent, says Vivek Velankar of Sajag Nagrik Manch, which held an awareness campaign among the flat buyers on this issue.

According to Velankar, not more than 25-30 per cent of people who bought flats in the given time have paid the VAT, while others have decided to wait and watch.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions