The Confederation of Real Estate Developers’ Association of India (Credai), Pune Metro, has opposed state government’s order asking them to pay value added tax (VAT) on flats that they sold between June 2006 and March 2010. The real-estate body has asked for extending the deadline of August 31 to pay the retrospective tax. Credai director-general D K Abhyankar said that after April 1, 2010 the developers have been paying 1 per cent VAT on property sale under the composite scheme.
However, he said that Credai has already approached Supreme Court and the petition related to the payment of VAT is pending before the court. “A petition has already been filed in the apex court, but the government has asked us to clear VAT by August 30. We have requested the finance department to extend the deadline. We have urged that the deadline be extended by at least three months as the order has been issued in hurry,” he said. Abhyankar said total VAT that would be paid by developers has not been worked out yet, but the number of flats that were sold during the period in the city is over 1.5 lakh. Credai said the real-estate industry is already battling issues of delay in clearances in real-estate projects and the new order has only come as a dampener. Abhyankar said the actual rate that will be applicable for the payment of VAT will be worked out by the industry body in consultation with the government.
Source: Indian Express
Apartments, Flats and Property for Sale in Bangalore
Sep 21, 2016
Mahaveer Zephyr is a residential development of Mahaveer Group. It is located off Bannerghatta Road,..
Sep 16, 2016
Salarpuria Sattva Opus has pre- launched Bangalore a Premium Gated Community Residential..
Sep 14, 2016
Goyal Orchid Whitefield project is spread across 7 acres of land and it offers 1, 2, 2.5 & 3 BHK housing apartments with comfortable..
Sep 08, 2016
Area: 1272 sft.
Car Park: 1 slot.
Price: 1.05 Cr. Incl. 1 Car park & deposits..
Aug 30, 2016
Codename five rings is brand new venture of developer, nicely instituted at Sarjapur in Bangalore,..
Aug 29, 2016
Legacy Estilo Bangalore offers 1, 3 and 4 BHK apartments for buyers and consists of 58 units in all...
Aug 24, 2016
Peninsula Land is now in Bengaluru, with a luxurious gated residential complex “Peninsula..
Aug 22, 2016
Legacy Celino is located in Thanisandra, Hebbal to Airport in Bangalore. Legacy Celino is currently a..
Aug 16, 2016
Bhadra Legacy is a modern luxurious living space at a premium location of Bangalore, MG Road. The 19 super luxurious apartments offers a..
Aug 11, 2016
Godrej 17 brings to the market a wide range of apartments for families of all sizes at an affordable price..
Apartments, Flats and Property for Rent in Bangalore
Sep 16, 2016
Fully furnished Flat for Rent at Cookes Town ( Lloyd Road) 3 BHK with Car Parking, Lift, Power Back up,
24hrs water, Good Location with all..
Jul 25, 2016
The House available for Rent is in the First floor
The locality of house is Near Koramangala
and Outer Ring Road
House No. 12, 19thA Cross, Near..
Jul 02, 2016
Flat for Rent at Cookes Town 2 BHK with car parking 24hrs water, Lift, Power Back up, Good Location with all Basic Fecilities. Rent0..
May 28, 2016
A spacious 3 Bedroom flat is available for Rent in Kadugodi, Bangalore. It is located on the 2 Floor. It has a covered area of 1650 Sq-ft. The..
May 24, 2016
2bhk ready to move closer too all basic needs
closer to all IT CO. very good and safe..
May 02, 2016
Flat for Rent at M.G Road (Vittal Mallya Road ) 2 BHK Ground Floor Built up - 1340 sq feet, North Facing 24hrs water, Lift, Power back up, Good..
Apr 28, 2016
New Flat for Rent at Frazer Town 2 BHk with car parking Lift, power back up,24hrs water Good Location with all Basic Fecilities, Rent..
Apr 12, 2016
3bhk Pent House For Rent in Akme Ballet Apartment For 52k Call SAIF
Size: 3BHK (2300sft)
Area: Outer Ring Road, Dodda Nekundi, Bangalore
Mar 19, 2016
Rs20000 / 2br - 1100m2 - 2 BHK house for rent (kundanhalli..
Mar 18, 2016
*SPACIOUS FLAT WITH EXCELLENT DAY LIGHT( NATURAL LIGHT) AND AIR CIRCULATION
* Furnished with Sofa set, TV cabinet , Double bed , Exhaust Fans,..