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Q. VAT

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Rajiv Mehta

posted 11 months ago

Q.VAT
Builder who had booked and sold flats prior to year 2013 and did not charge VAT at relevant time is now after 5 years collecting VAT .Whether the action of builder in collecting VAT is correct and legal as now after 2017 gst has come in force and builder is also issuing receipts under GSTN

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Saket Mohta

Experience: 1 Year(s)

Responded 10 months ago

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A. ) Dear Mr Mehta,

The builder could have collected VAT during pre GST REGIME and claim the same carry forward VAT Inputs in GST TRAN 1 when the idea of GST was implemented.
Since the builder is now raising GST invoices and VAT, CST, has already been abolished as a part of Indirect Taxes the builder cannot charge or claim VAT neither he can take the benefit of the same in TRAN 1.

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 10 months ago

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A. ) Dear Sir,
You may please get correct information from Chartered Accountant.


For full procedure contact me on mobile through Vidhikarya.

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Shanti Ranjan Behera

Experience: 22 Year(s)

Responded 10 months ago

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A. ) Dear Mr Mehta,
Best option for you to get in touch with a Tax Practitioner or Chartered Accountant who will clarify your doubts.
Shanti Ranjan Behera
Advocate

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