VAT applicable since 2006 on property transactions: SC

By Accommodation Times News Services
Supere Court decided on controversial VAT applicability in favour of Maharashtra Government. The VAT on sale of flats will be applicable since 20 June 2006.
After the merger of Works Contract Tax into VAT, state government had issued notices to builders for payment of VAT retrospective since 2006. Builder association had objected that since they own, build and sell, where is works contract.
The decision will effect almost 8 lakh properties sold during six years between 2006 and 2012.

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