Mvat

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vskarticles (Querist)

30 November 2015 What is the point of taxation in case of Builders and Developers under the MVAT Act, 2002???(Receipt basis, accrual basis or date of agreement)

Also if the date of agreement is after the date of receiving the Completion certificate(OC), but advance is received before the agreement date, are the advance so received liable to MVAT?? Or the entire sale value is exempt, as it would constitute a sale of immovable property??

Please quote the relevant sections or the notifications as the case may be?

vskarticles

vskarticles (Querist)

08 December 2015 What is the point of taxation in case of Builders and Developers under the MVAT Act, 2002???(Receipt basis, accrual basis or date of agreement) Also if the date of agreement is after the date of receiving the Completion certificate(OC), but advance is received before the agreement date, are the advance so received liable to MVAT?? Or the entire sale value is exempt, as it would constitute a sale of immovable property?? Please quote the relevant sections or the notifications as the case may be?

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