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
Latest Expert Exchange
« News Headlines »
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling
 Income-tax (5th Amendment) Rules, 2018
 Last-minute tax tips for late filers
 What demonetisation did to tax collections
 Income–Tax (Fourth Amendment) Rules, 2018
 Want your income tax refund early? Follow these 10 steps while filing returns

Govt extends VAT deadline, relief for developers
May, 15th 2017

To provide relief to developers in Haryana and particularly, Gurgaon, the state government has decided to extended the VAT deposit deadline to June 30, 2017. Apart from that, a 2% rebate was also announced for dealers, including developers, who deposit the entire pending amount within the new deadline.

Finance minister Captain Abhimanyu, while speaking at the Invest Haryana Summit organized by NAREDCO, announced that the developers who have not made the payment could avail of the Alternate VAT Compliance Scheme till June 30 this year.

“The developers who make the payment by June 30 and pay 1.05% of all the yearly receipts would be entitled to avail of the rebate scheme. Others, who did not derive the benefits of the scheme earlier can also do so by the extended deadline,” the finance minister said.

It was also made clear that developers can charge only that amount as VAT from homebuyers as is being demanded by the state government as tax and cannot demand more money. Over 100 developers have already taken advantage of the scheme and the state exchequer has managed to get over ?730 crore from the real estate industry as tax.

Read I Implement Centre’s RERA rules, demand Gurgaon homebuyers

Another reason why this scheme has been extended is that since Goods and Service Tax will become operational in Haryana from July 1, any money which is paid as VAT would be transferred to the Centre’s kitty and the state government is likely to get only 50% of that amount. It is because of this reason that the government is trying to settle several legal cases pertaining to VAT out of court.

Rebates, remission of interest and several other sops are being offered to firms and companies that have to pay substantial amount of VAT and other taxes. A senior official revealed that it is likely that state is likely to get around ?2000 to ?2500 crore from IOC refinery in Panipat as part of the out of the court settlement.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software 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