Real Estate Agency

Top builders raided for VAT evasion

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Mayur Panghaal
Mayur is a real estate professional with more than 15 years of experience at all levels of the Real Estate trade in Navi Mumbai. He is inspired by Arvind Kejriwal and is a member of the Aam Aadmi Party since inception. When not involved in real estate, he is actively involved in social issues of the community where he lives. He can be reached on 9833802522
Mayur Panghaal
Mayur Panghaal

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Taxes

The sales tax (VAT) dept of Maharashtra has conducted raids on top builders in the past 2 days and found tax evasion to the tune of 20 crores so far.The builders are supposed to collect this sales tax (VAT) from the flat purchasers and deposit it with the govt.The current rate of VAT is 1% on under-construction properties.Ideally,the flat purchaser should take a reciept from the builder for this.The reciept should have a VAT registration number.This is vital to assure that the buyer will not be left defrauded.
In this case it was seen that the builders collected this 1% from the purchasers,but didnt issue any reciept and kept the amount collected from the buyers.20 crores was recovered from the builders which included noted names such as Marathon, Ajmera, Keystone, Bhoomi realty, Naman and Acme,according to some reports.
Flat purchasers should insist on this reciept with the sales tax number.Without it,you can say goodbye to your money.

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