According to the sources available to www.propertykhazana.com, for the construction materials Property developers are paying an extra tax on their buildings, on top of the funds they are paying to the builders to grasp the land, says the SC. The least VAT on construction material is at 4% and still the price might rise or reduce from State to State. The decision has already been followed by the Maharashtra in a circular which was issued on Friday 7th 2007. The entire construction materials and values of construction in advance booking ventures will be liable to VAT and it also comprises the deals that head construction with the display effect from June 20th 2006. The circular will go after the SC counter upholding its judgment in court case among K. Rahejas Development Corporation against Govt. of Karnataka. Rahejas has come into a deal with Karnataka to take up construction of housing and commercial in the state.
Maharashtra circular holds up SC’s judgment that advance booking should come under the group of work agreement. Specialists from the circular said the www.propertykhazana.com that, “Any contract carrying out, whichever for cash, for the late payment or for any other expensive consideration, the building and construction of any portable or immoveable land”, which inquires the builders to pay work agreement tax if they sell residences before finishing the construction. So far, builders were paying VAT on real rate of the construction by the contractor, as per to the new policy by the Supreme Court is they have to pay the tax on construction material as on previous auction rate to the purchaser.
Source: NIMMA BENGALURU
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