Vat tax on immovable prpoperty
jatin
(Querist) 14 November 2013
This query is : Resolved
Dear SIr/Madam,
we have purchased property in Mumbai in 2009 which was with ready possession with architect certificate & full OC is recd. in 2011 ,in agreement it is mention to pay MVAT,
1.Are we liable to pay tax as flat are in ready possession but full OC was not recd.if yes then @ what rate ?
2.Builder has not taken TIN no till date, are we have to make paymt if he has no TIN NO?
3. He also demanding Int. & penalty for delay in paymt , are we liable for the same?
C. SANJEEVA RAO
(Expert) 16 November 2013
Yes, u r liable 2 pay as per expln.(b)(ii) to section 2(24) of MVAT Act, which also supported by the Hon'ble Supreme Court in Larsen & Toubro Ltd & Anr vs. State of Karnataka 2013 ( 60 STR 81) and non-having TIN by the builder shall be taken care by the Commercial Taxes Department, in such case u can contact the PRO at Commercial Taxes Department. The builder cannot ask for the penalty and interest for the delay and it is responsibility and liability to pay within time, if it has not done, he has to face the music.
