Consequences if vat is not collected

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
19 December 2014 Dear Sir/mam

what are the consequences if the builder of a commercial apartment not collected the VAT from the Customers.

please clarify my doubt


19 December 2014 The builder has to pay it from his own pocket.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
19 December 2014 is there any section to treat the receipts from customer as a gross and pay out of the same like service tax

19 December 2014 No. The responsibility is cast on to DELEARS, to collect the VAT. If not collected, the DEALERs have to pay. In that case it is expense, allowable under income tax

20 December 2014 responsibility of vat is of dealer the pay on the amount of agreement of sales amount.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro

Follow us


Answer Query