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: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TDS :: cpt :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

CM promises to review VAT on housing
November, 11th 2008

Chief minister Vilasrao Deshmukh on Monday agreed to look into the demand from builders for doing away with the system of double taxation on the value of the property introduced by the state finance department since last budget. Housing department officials said developers have complained that consumers are reluctant to pay 5% stamp duty as well as value-added-tax of 12% on the value of the property. "The VAT was introduced on property value since the last budget. The CM has promised to review the levy of VAT," a housing official said.

The CM was speaking at the Advantage Maharashtra seminar organised by the Maharashtra Chamber of Housing Industry and Confederation of Real Estate Developers Association of India on Monday.

Deshmukh also assured developers that provisions under Maharashtra Ownership of Flats Act (Mofa) would be suitably amended to reflect changes in the real estate sector. For instance, the Mofa makes it mandatory for a builder to start process of society formation after construction of ten flats. However , that is not possible in the context of big housing complexes which have hundreds of flats that are completed over two or three years.

Focusing on the 'common man' before next year's elections, Deshmukh pledged to mark 2009 as the year to achieve "Housing for All". Deshmukh invited private developers, anyway reeling under a slump in demand for premium flats, to partner the state government in creating mass housing schemes for the aam aadmi.

Deshmukh said India has a shortage of 27 billion homes for the average buyer. Maharashtra, thanks to the rapid urbanisation which has now touched 42 percent, accounts for a big share of the nationwide shortage for homes, he added.

In this backdrop, Deshmukh said the state has decided to build 10 lakh low-cost homes in the next two years. "But the state cannot do such a big task on its own. The need of the hour is to promote public-private-partnership (PPP) in creating affordable housing stock," he said. These homes would be targeted towards economically weak and socially backward people in general.

Sources said state agencies like the MMRDA, Cidco and Mhada would be encouraged to partner with big private developers to undertake mass housing schemes.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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