Query regarding vat on builders
This query is : Resolved
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.
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.
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