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Mvat-builders and developers date extended till 31st oct 12

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CA. Ajay Agrawal

120 Points Posted on 28 August 2012

Supreme Court of India had instructed Builders to pay VAT accrued on real estate transactions in Maharashtra on or before 31 Oct 2012.

All the concerned parties and builders have to register with VAT authority by 15th Oct 2012. The Hoble Court had also said that the VAT has to be paid without any interest or penalty in protest. If the government looses, the VAT so paid will be refunded to the concern registered dealers / builders.

pls see the link - https://www.accommodationtimes.com/real-estate-news/supreme-court-relief-for-builders-in-vat-case/

Replies (3)

Aditya Maheshwari

CA in Practice

31210 Points Posted on 28 August 2012

Thanks for the update

AKBAR HUSSAIN PINDHARA

ACCOUNTANT

22 Points Posted on 02 September 2012

Sir,

Dates are available for payments but for payments funds are also required, from where to generate funds, from customers or builder has pay from out of pocket (in such a financial crises specially for construction industry).

And again on which value calculation for the payment of vat is to be done, on Agreement value or on Market Value.

Please guide me.