As VAT issue goes back to govt, CREDAI firm on 1% norm for flats sold from 2006-10
In its recent letters to the state’s chief minister and finance minister, CREDAI has called for the 1 per cent norm to be adopted for the retrospective period between 2006 and 2010. The issue is already pending with the Supreme Court, which had issued an interim order asking that the VAT on properties sold between the said period should be paid by October 31.
Stating that VAT is a legislative matter, the HC said on Tuesday it would not be proper for the court to interfere in the issue. CREDAI refused to comment on the court order.
Its chief Satish Magar said the state government had been asked to adopt a composite VAT policy as per the current applicable rate. “The consumers are uniformly paying 1 per cent tax on the properties purchased after 2010.”
CREDAI director-general Dr D K Abhyankar said as per the existing government policy for the retrospective period, the rate differed from property to property depending on its value. “The rate depends on the value of the property that is worked out by deducting the cost of land from
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