Vat 5% payment receipt
Info Seeker
(Querist) 06 April 2013
This query is : Resolved
Dear Experts,
Recently i experience strange answer from the property developer from whom i took apartment in 2009.
As per the Vat Law, i must pay 5% of Agreed value as a VAT which i paid to him through bank gaurantee (basically me and developer had made bank gaurantee that if law is in placed than i will pay the vat and money will be taken from Bank gaurantee).
I recently asked to my developer as the payment is made than i must get receipt or invoice of payment made. which he said that they dont give it.
I would like to know your opinion on it. is it the apartment owner dont receive payment receipt ?
if owner recive it than what are the procedure to it
CA Ayush Agrawal
(Expert) 08 April 2013
Generally for Buying a property, Only Deed is Sufficient in That All Details are Mentioned Including VA and Service Tax Paid.
so in This Case, Receipts Generally Not Given by Developer, But There is No Such rules That You wont get receipt, if you ask, then you must get receipt from developer.
generally people dont ask because credit of VAT and service tax is not available (as directly consumers buys flats)
