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Tuesday, Jan 22nd

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Builders Are Instructed To Pay VAT At Earliest

Builders Are Instructed To Pay VAT At Earliest

Builders in the city began to registering themselves and their firms with the sale tax department of the state government to follow the instructions about submitting VAT (Value Added Tax).

Furthermore, the Confederation of Real Estate Developers' Association (CREDAI) has apparently decided to pay value added tax (VAT) of 1% from April 1, 2010, whereas the issue of paying previous VAT for the past four years from April 1, 2006 to March 31, 2010 is given by Supreme Court.

The state has levied 1% VAT on builders from April 1, 2006. The builders were ready to pay tax from April 2010, but denied to pay VAT for the past four years and had moved the Supreme Court against the government's decision to pay remaining tax from 2006-2010.

Approximately 350 builders are there in the city, out of which, around 204 builders are members of the CREDAI. Recently the sales tax department had given instruction to builders in the city to get registered and start paying VAT at the earliest.

Most builders have already registered themselves with the sales tax department. They are ready to pay VAT from April 1, 2010. But the state has directed to pay backdated VAT from April 2006 to March 2010 and we have already moved Supreme Court on this issue. The builders have already sold out flats during this period and logically it will not proper to recover 1% tax from the consumers. This will be unfairness to consumers.

Decision has been given by Supreme Court on the issue of paying backdated VAT as the issue was pending with the Supreme Court and hearing.

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