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Vat on sale of flat during 2006-2010

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Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2013 HOW MUCH IS VAT PAYABLE ON SALE DURING 2006-2010.
IS THERE ANY SERVICE TAX PAYABLE ?
IS ANY PENALTY INTEREST IS CHARGEABLE ?
WHAT IS THE DUE DATE ?

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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06 November 2013 Some disputes were going on in the state of Maharashtra regarding payment of VAT on sale of flats.This has been settled now. Recently in a case decided by the SC also this case of M/s Raheja builders Vs St of Kar has been confirmed.The builder can opt for paying 1% composition tax on flats for which agreement was done before 1st April 2010(including land cost. For cases of later period either 1Composition @5% (4% in Karnataka),excluding land cost,or regular tax on the material value only(i.e.total-(land cost+labour charges)=material value).For details consult an expert before filing returns....mjk

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