15 May 2012
Dear All, Would like your help in the below mentioned query in respect of maharashtra vat on Builders: Whether a builder can claim deduction of land while charging vat @ 5% i.e. composition scheme. If yes, kindly support the same with the provisions of Act? A Quick reply is highly appreciated.
15 May 2012
5% rate is prescribed under composition scheme u/s 42 of MVAT. No deduction is admissible under composition. Composition rate prescribed for builders is 1% & there is a separate notification in that respect.
CAclubindia
