Applicability of VAT
This query is : Resolved
SHALINI JAIN
(Querist)
18 October 2008
Dear Sir,
Whether VAT is applicable on Booking Advance received for Flats under construction.
Whether VAT is applicable on Booking Advance received for Flats under construction.
S.Srinivasaraghavan
(Expert)
18 October 2008
VAT is not applicable on advance
18 October 2008
IN KERALA IT IS APPLICABLE. IN OTHER STATES DEPENDS ON THE PROVISIONS OF RESPECTIVE ACTS.
IN OTHER WORDS IT IS NOT UNIFORM IN ALL STATES.
IN OTHER WORDS IT IS NOT UNIFORM IN ALL STATES.
S.Srinivasaraghavan
(Expert)
18 October 2008
THat is a good piece of information Mr.Warrier. Can you please state the exact provision of Kerala VAT which says so. It will be useful. Thank you.
Vasanth Kumar J K
(Expert)
18 October 2008
Dear Sirs,
If the act, defines what is the time of sale, then the liability arises according to the provision of law.
It is always debatable that, when there is no transfer of property in goods how one can tax on advance recived.
However in Karnataka even if there is no transfer of property in goods, if any advance received for such transfer it should be taxed at the time of receipt of advance [section 7 of Karnataka Value Added Tax Act, 2003]
It may vary from state to state.
Thanks and Regards
If the act, defines what is the time of sale, then the liability arises according to the provision of law.
It is always debatable that, when there is no transfer of property in goods how one can tax on advance recived.
However in Karnataka even if there is no transfer of property in goods, if any advance received for such transfer it should be taxed at the time of receipt of advance [section 7 of Karnataka Value Added Tax Act, 2003]
It may vary from state to state.
Thanks and Regards
S.Srinivasaraghavan
(Expert)
18 October 2008
THank you Mr.Jagannath
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