Vat rate applicablity in maharashtra.
Rohit Singh
(Querist) 11 July 2013
This query is : Resolved
I want to purchase a residential house propety which is in underconstruction in Mumbai. The developer asked me to pay the VAT but he didn't specifies the rate of VAT and please let me know the rate of VAT on residential house property for the current assessment year?
ajay sethi
(Expert) 12 July 2013
ask the developer the basis on which amount has been demanded . he will furnish you the requisite information
Rajendra K Goyal
(Expert) 12 July 2013
A news item from Business Standard 16/07/2010 is as under:(taken from net)
Property buyers in Mumbai and the rest of Maharashtra will now have to spend more, as the state government has issued a notification on the imposition of 1 per cent value added tax (VAT) on the contract price of flats mentioned in the agreement of sale registered on or after April 1.
This would be in addition to a 5 per cent stamp duty, 2.38 per cent service tax and 1 per cent local self-government tax in certain districts. The total burden comes to 8.38 per cent in Mumbai and 9.38 per cent in other places.
Rohit Singh
(Querist) 12 July 2013
Thanks for your grateful advices.
The information is quite useful for me.
