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 :: due date for vat payment :: form 3cd :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT RATES :: cpt :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: articles on VAT and GST in India :: VAT Audit
 
 
Direct Tax »
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements
 Central Board of Direct Taxes allowed Rs 4,500 crore of irregular benefits to infrastructure companies: CAG

Haryana to tap e-commerce, real estate for taxes
June, 29th 2013

Making a fast buck on investments in real estate and e-commerce in Haryana may become a tedious task. Haryana Excise and Taxation Minister Kiran Choudhry today said a survey was being done to bring e-commerce players and realty developers, promoters, builders and joint developers under the ambit of tax.

Talking to the media on the sidelines of the launch of an online grievance portal and toll-free service of the excise and taxation department, she said about 15 e-commerce companies have been registered with the department.

She said the Centre was also considering the claim of CST compensation lodged by the state. A part payment of Rs 1,400 crore is likely during this financial year. A total of Rs 3,000 crore she said was due.

It was informed the developers, promoters, builders and joint developers are liable to pay value added tax (VAT) and need to be registered under the Haryana Value Added Tax Act, 2003, with the concerned district sales tax office. Their liability to pay tax is on the taxable turnover relating to transfer of property in goods involved in construction of buildings. In case the plot/property owners collaborate with builders or developers by not charging for a part of that plot or constructed property, this construction amount would also be liable to VAT. They are required to file returns in Form VAT R1 or VAT R6 to avoid interest and penalties.

Besides paying tax as a normal registered dealer, a composition scheme is also available for works contractors under the Haryana VAT Act. A person opting for this scheme is liable to pay vat at prescribed rate,which is four per cent at present, on total turnover of the contract value. The developers, promoters,builders, joint developers can also opt for this scheme and in their case the total turnover liable to vat would not include the amount received from the customers/buyers towards their undivided share in land.

It was made clear that there was no tax on the sale of already built up flats or buildings being sale of immovable property. Tax is levied only on those developers or builders who construct on behalf of the purchasers.

Choudhary said that the department had collected a revenue of Rs 19,703.64 crore in 2012-13 as against Rs 18,077 crore in 2011-12. It achieved all the budgeted targets despite huge slow-down in the economy and non-receipt of the CST compensation from the Central Government. This year also, the department would try to achieve its given targets, she added.

The minister said that the excise revenue alone would increase to about Rs. 3,800 crore as compared to Rs 3,240 crore in 2012-13. This unprecedented increase will be made possible by the new excise policy which has been made after having exhaustive consultations with all the stakeholders.

She said that the goal of the department is to increase revenue collection by ensuring that trade and industry thrives in Haryana. She added, "A happy tax payer is a good tax payer."

The minister was accompanied by Financial Commissioner, Excise and Taxation, Rajan Gupta, Excise and Taxation Commissioner, Anil Malik and other senior officers of the Department.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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