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: VAT RATES :: Central Excise rule to resale the machines to a new company :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT Audit :: TDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India
VAT (Value Added Tax) »
 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
 HC seeks Delhi, centre reply on restaurants charging excess VAT, service tax
 Shakti Autos booked for evading VAT, bogus sales
 VAT sops to IOCL Paradip refinery hits Odisha revenue growth
 Government to announce new VAT rates in October
 World Wide Gst, Vat, Sales Tax Rate
 Article on Transition Process of Registrations under VAT / Service Tax Laws to GST Law

Builders can collect VAT retrospectively
September, 14th 2012

Flat buyers hoping for some relief from paying Value Added Tax (VAT) if developers were not registered with the sales tax department are in for some disappointing news. The state has allowed builders to collect the tax retrospectively.

The department clarified that the builders
could collect VAT retrospectively from 2006 onwards even if they had registered recently.

"The builders just have to give an application," said a senior sales tax officer, on condition of anonymity.

On Tuesday, the Bharatiya Janata Party (BJP) had claimed that at least 90% builders were not registered, and hence consumers were not liable to pay VAT. They appealed to flat owners who had paid the VAT to ask for registration number from the builders, failing which they should demand a refund.

In a recent circular, the sales tax department asked builders to pay 5% VAT plus penalty on all properties purchase between June 20, 2006, and March 31, 2010.

However, since then the department has clarified that it had given builders three options to compute tax depending on location and the total VAT applicable would be in the range of 0.3 to 3%.

The Supreme Court gave relief by waiving off the penalty, provided the builders pay before October 31.

However, a majority of the builders have started sending out bills charging 5% VAT without clarifying the computation method.

Maharashtra Chambers of Housing Industry (MCHI) has constituted a five-member committee to compute the percentage of VAT payable to the state.

"There is currently confusion in the computation and this committee will suggest solutions within a month," said Paras Gundecha, president, MCHI-CREDAI.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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