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: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT Audit :: VAT RATES :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: due date for vat payment :: TDS :: form 3cd :: empanelment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD
 
 
VAT (Value Added Tax) »
 15% rise in collectionof VAT for Oct-Nov
 China to simplify tax scheme after switch to VAT
 Cabinet clears key proposals on VAT, regularisation of jobs
 Cases of VAT overcharging flood consumer forum
 State seeks relief from Centre
 Flat rate VAT changes for small businesses explained
 Cenvat Credit Of Additional Duties Of Customs [Cvd] On Imported Coal
 Excise Dept puts VAT refund on fast track
 Consumer fora receive 18 VAT plaints
 Appointment of Assistant VATO - F.3(14)/Fin(Rev-I)2012-13/DSVI/334
 Bio-diesel body seeks VAT relaxation

VAT calculation not in consumers' interest, says Akhil Bhartiya Grahak Panchayat
December, 31st 2012

The Akhil Bhartiya Grahak Panchayat, a consumer organization, has reemphasized the need to charge 1% value added tax (VAT) on sale of all apartments between 2006 and 2010. The calculation method of the state government, it said, is very complicated and not in the interest of consumers.

The Akhil Bhartiya Grahak Panchayat had organized a meeting of flat owners and their associations on Sunday. Builders and developers' associations have also approached the court. They argue that VAT is charged on movable properties and flat is not a movable property.

Suryakant Pathak, executive chairman of the Panchayat, said, "The sales tax department of the state government has come up with a very complicated calculation for charging VAT. The department has failed to understand that not all flats are sold on the same day; hence the VAT on flats in a building - with same construction cost - varies depending upon the date when it was booked. It makes no sense as VAT for every flat has to be calculated as per the government prescribed calculation, and then it will be verified by the sales tax department. Does the state sales tax department have the required manpower and time to look into each and every sale registered between 2006 and 2010?" tnnPathak said the consumer forum has suggested an amnesty scheme on the lines of the one introduced by the income tax department for tax defaulters. "By doing so, new regulations will be exercised effectively without any pending works from the past. By our calculation, the minimum amount a flat-buyer will have to pay is close to 0.8% of the construction cost. In such a situation, flat owners may not hesitate to pay 1% VAT to settle the matter."

At present, there is no clarity among flat owners as well as the builders on how to calculate the VAT and whether they should collect it from flat owners or not. One positive step from the government will save the time and energy of lakhs of people, he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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