Q:Hello Sir.I purchased a flat in Greater Noida (UP) form IITL Nimbus builder in March 2014 and they give me possession in November 2014. Earlier when i purchased the flat builder not told me anything about VAT. but during the time of possession they ask to give VAT (2%) of Basic property cost. now i want to know, VAT is applicable in my case and if yes what will be the percentage value of VAT amount. and i also want to know, as the VAT amount is already taken by builder from me in November 2014 (4 Months back). but till now Builder not call me and other flats owners for registry.kindly give me your valuable reply.
Latest Answer: U.P. VAT IS PAYABLE ON TAXABLE GOODS ONLY. AS THE FLAT YOU HAVE PURCHASED IS NOT GOODS HENCE VAT IS NOT PAYABLE. FOR FURTHER CLARIFICATION IF ANY PLEASE BE FREE TO COMMUNICATE....
