NEW RELIEF FOR DEVELOPERS IN HARYANA AS RULE 49A
NEW RELIEF FOR DEVELOPERS IN HARYANA AS RULE 49A
Earlier, on 12th August 2014 the Haryana State Government, issued a notification No. S.O. 89/H.A.6/2003/S.60/ 2014, for introducing composition scheme specifically for the builders engaged in the construction activities and inserted Rule 49A for the lump sum payment of VAT by the builders. Although, prior to 12-08-2014, the builders and the work contractors, both were covered under one rule i.e. rule 49.
Nonetheless, on 24th September 2015, the rule 49A has been substituted with newly inserted rule 49A vide Notification 23/H.A.6/2003/S.60/2015 (added with retrospective effect i.e. 01-04-2014). We have made an attempt to provide a deep insight to the recent changes made by the government in the then introduced composition scheme for the builders in Haryana. The provisions of new rule 49A in comparison to the old rule 49A are detailed as below:
Points of difference between the two versions of composition scheme:
BASES | NEW RULE 49A (DATE-24-09- 2015) | OLD RULE 49A (DATE-12-08- 2014) |
PROCEDURE FOR REGISTRATION |
|
|
CONCESSIONAL PURCHASES |
|
|
AVAILABILITY OF INTERSTATE PURCHASES |
|
|
FILLING OF RETURN |
|
|
Transitional Provisions: A composition developer who has opted for lump sum payment of tax under the lump sum scheme notified on the 12th August, 2014, shall be deemed to have opted for lump sum payment of tax under this scheme. In case the tax deposited under the scheme notified on the 12th August, 2014 is more than the tax liability calculated under this Scheme, the excess tax shall be adjusted against the future tax liability but no adjustment on account of such excess tax shall be allowed if the composition developer opts out of the Scheme.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@caindelhiindia.com or call at 011-23343333
**********************************************************
If this article has helped you in any way, i would appreciate if you could share/like it or leave a comment. Thank you for visiting my blog.
Legal Disclaimer:
The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. The information / articles and any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, i can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information / articles contained without first seeking the advice of a practicing professional.