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 Understanding VAT refunds

Builders grope in dark on collecting VAT from buyers
November, 02nd 2012

Uncertainty looms large over buyers who bought houses between 2006 and 2010, even as the Maharashtra Government is likely to gain Rs 1,500 crore in revenues as value added tax (VAT) from the builders.

We will be forced to collect the additional tax of 5 per cent from the buyers. VAT is a contractual obligation and people have to pay. The house agreement is ex-price per flat plus taxes, said Saumil Daru, Chief Finance Officer, Oberoi Realty.

The Bombay High Court on October 30 dismissed a petition filed by MCHI-Credai, a representative body of builders in the State, asking them to pay the amount by October 31. However, now the builders will have to pay additional penalty to the Sales Tax Department, which has left buyers in the lurch as they dont want the extra burden.

NO CLARITY

However, most of the Mumbai-based developers that Business Line spoke to said that they have not got the copy of the court order and have no clear understanding on how to collect the amount from the buyers.

Most of the realtors are understood to have already collected about 70-80 per cent of their liabilities, according to industry experts.

Confusion could have been avoided if the Government had fixed a unified rate at one per cent, as it has been fixed for the properties sold after 2010, said Niranjan Hiranandani of Hiranandani Developers.

We have already paid the tax liability. It is, however, a very small issue, added Pirojsha Godrej, MD, Godrej Properties.

He further added that the order was not a surprise as the developers had already made it clear to customers.

Meanwhile, MCHI-Credai Secretary Boman Irani said: We would be appealing in whatever way possible for a rationalised rate of one per cent.

He, however, said that it will not impact new sales as there was no ambiguity regarding VAT payment for houses bought after 2010.

 
 
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