Govt to introduce Goods and Services Tax
‘Works contract’- VAT on property under construction
VAT is applicable on works contract. So according to supreme court, VAT is applicable on building contracts and property under construction. In a building contract where the land owner gives the land to the builder for construction and in return gets a portion of the developed property, then it comes under a work contract. Then […]
Supreme Court favors imposition of VAT on under-construction properties
Homebuyers who had not paid value added tax (VAT) while buying under-construction properties, may now have to bear the additional costs. In Larsen & Toubro case, the Supreme Court has supported the constitutional validity of VAT being imposed by the state governments on the sale of under-construction flats. The apex court has clarified that the […]
