Karishma Pandit | Legistify

Karishma Pandit
Answered on 14 Feb 2020

Consult a tax lawyer in India to know the process to be taken in case of the death of the person during the VAT case. Generally, in such cases, the case does not move further as the person liable for the taxes has died.Read More

Posted on 11 Feb 2020 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 20 Oct 2019

No, the builder can only charge tax at the rates which were applicable before the implementation of GST in India.Read More

Posted on 23 Aug 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 17 Jan 2019

A builder cannot raise receipts after 5 years to claim VAT from home buyers for a property sold in 2013. Developers are supposed to pay VAT to states. And, unless it is clearly stated in the sale agreement, these charges cannot be extended to home buyers, especially after 5 years. The tax liability of home buyers comes to an end once the completion certificate has been granted. Since you have received the possession and the builder did not claim the VAT at the time of sale, the same cannot be claimed now. If the builder persists on claiming the VAT amount from home buyers, you can send a legal notice to the builder through a good property lawyer in India. The property advocate would also suggest you the correct legal recourse in case the builder fails to comply with the legal notice.Read More

Posted on 09 Jan 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

Value Added Tax will not cover businesses whose turnover is less than a certain limit. As per White Paper, VAT Act should be so designed that high taxpayers should not be spared from paying more tax, and the small dealers should be free from hassles of compliance procedures. Dealers with limited turnover would have the option to pay a lump sum amount based on its total turnover at the specified rate as low as 0.25%. For example, in Odisha, a trader having an annual turnover of less than Rs. 2,00,000/-  will not be covered under VAT, and the general tax rates will not be applied. Read More

Posted on 06 Dec 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

No. The tax incidence remains the same. Read More

Posted on 30 Sep 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

DVAT is the tax on sale of goods in Delhi . The tax levied under this mechanism is simpler, fairer, and more transparent. Read More

Posted on 29 Sep 2016 | 2 Answers

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

VAT will have only four rates instead of large number of rats of Sales Tax, with off setting of tax on inputs against that on output; VAT does away with tax on tax. Claiming input tax credit under VAT ensures proper invoicing. Overall, these features of VAT encourage disclosure of complete information on business turnover. Read More

Posted on 08 Dec 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

Yes, MRP is always inclusive of tax. Tax component and tax exclusive price can be calculated by applying tax fraction [r/(r+100) where r is the tax rate] on the MRP. Read More

Posted on 10 Dec 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

All business transactions carried on within a State by individuals, partnerships, Companies, etc. will be covered by VAT. Read More

Posted on 03 Dec 2016 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

No. The cost of compliance will come down due to self-assessment as dealers will not have to approach the department for statutory forms or for assessment. Read More

Posted on 11 Jul 2016 | 1 Answer