Maharashtra vat registration in composition scheme- builders
This query is : Resolved
02 January 2014
Dear Sir,
One of my client started project in 2012-13 for building a residential property. In the same year his purchases exceed the prescribed limit and he gets his account audited under Income Tax Act. In the year 2013-14 he has registered his first agreement and wishes to obtain composite scheme of 1% VAT on agreement value.
Now at the time of registration with sales tax authorities do we required to produce account of 2012-13 and purchases of 2013-14 or just an agreement would be suffice as he is not claiming any set off. Please share your valuable suggestions.
With Regards
One of my client started project in 2012-13 for building a residential property. In the same year his purchases exceed the prescribed limit and he gets his account audited under Income Tax Act. In the year 2013-14 he has registered his first agreement and wishes to obtain composite scheme of 1% VAT on agreement value.
Now at the time of registration with sales tax authorities do we required to produce account of 2012-13 and purchases of 2013-14 or just an agreement would be suffice as he is not claiming any set off. Please share your valuable suggestions.
With Regards
05 January 2014
The composition rate of 1% is applicable to apartment builders and not for other contractors. For other contractors,as per sec42 of Maharashtra VAT Act 5% composition rate is payable on the construction cost in lieu of regular method.Even for the period which your client has not registered,if the taxable threshold is crossed,tax liability arises.This problem arises when you declare your date of commencement of business.......mjk
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
