VAt
This query is : Resolved
09 March 2009
we purchase land from DDA and construct commercial complex. we accept advance money for booking of shops.
Is there any liability to pay wct or vat on selling of those shops?
we purchase land and construct own building and then sell them.
Is there any liability to pay wct or vat on selling of those shops?
we purchase land and construct own building and then sell them.
CA. MITHUN KHATRY
(Expert)
10 March 2009
SUPREME COURT IN K RAHEJA DEVELOPMENT CORPORATION VS. STATE OF KARNATAKA HELD THAT :
IF BUILDER ENTERS AN AGREEMENT WITH PROSPECTIVE PURCHASER BEFORE COMPLETION OF BUILDING THEN IT IS CHARGEABLE UNDRE WCT.
IF BUILDER ENTERS AN AGREEMENT WITH PROSPECTIVE PURCHASER BEFORE COMPLETION OF BUILDING THEN IT IS CHARGEABLE UNDRE WCT.
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