Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: list of goods taxed at 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: form 3cd
 
 
VAT (Value Added Tax) »
 Govt may send notice to 162 companies; ask for VAT returns
 Cenvat Credit Is Not Income Liable To Be Taxed
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?
 New tax structure not higher than VAT

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