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 Understanding VAT refunds

15 builders raided by I-T dept for evading VAT, Rs. 20 crore recovered
August, 04th 2012

The sales tax department on Tuesday raided the premises of 15 top builders across the city for evading payment of value added tax (VAT). The department recovered Rs20 crore from the builders, which included Marathon, Ajmera, Keystone, Bhoomi realty, Naman and Acme. The Bombay high court had upheld the 1% VAT imposed by the state on the sale of properties in April. The builders had been collecting the tax from the buyers during the trial, and were waiting for the judgment to submit it to the government. The buyers were told the sum would be refunded if the verdict is in their favour.

Sales tax commissioner Sanjay Bhatia said: We [state] won the case, but the builders did not pay. Hence, these raids." He said the builders will now have to also pay a penalty for evasion.

We are confident that the others will now voluntarily pay up," said Bhatia. The department has 50 other builders on its list.

 
 
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