Amendment to Notification 9th July 2010- Builder and Developer- Composition Scheme 1 per cent on Advance payment received.
Madam Cama Road, Hutatma Rajguru Chowk, Mantralaya,
Mumbai 400 032, dated the 26th May 2017
MAHARASHTRA VALUE ADDED TAX ACT, 2002.
No. VAT. 1517/C.R.57/Taxation-1. In exercise of the powers conferred by sub-section (3A) of section 42 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends, with effect from the 1st June 2017, the Government Notification Finance Department No. VAT 1510/CR-65/Taxation-1, dated the 9th July 2010, as follows, namely :–
In the said notification,––
(1) in the preamble, for the words “transfer them in pursuance of an agreement” the words “transfer or agrees to transfer them in pursuance of an agreement or otherwise” shall be substituted;
(2) for the Schedule appended to the said notification, the following Schedule shall be substituted, namely :––
Class of dealer
Online GST Certification Course by TaxGuru & MSME- Click here to Join
A registered dealer who under takes the construction of flats, dwelling or building or premises and agrees to transfer them in pursuance of an agreement or otherwise, along with land or interest underlying the land and where the aforesaid agreement,–
(a) has not been registered on or before the 31st May 2017; or,
(b) is registered or not, on or after 1st June 2017.
|One per cent. of the payment received in respect of the flats, dwelling or building or premises (whether as advance or otherwise).
|(1) The dealer specified in column (1), clause (a) shall,–
(a) pay an amount as per column (2) on or before the 30th June 2017, if the said payment is received on or before the 31st May 2017;
(b) include such payment received as turnover of sales in the monthly return for the period of June 2017 or, as the case may be, for the quarter ending June 2017, as per the periodicity specified in the rule made in this behalf.
(2) The dealer specified in column (1), clause (b) shall,––
(a) pay an amount as per column (2), on or before the 21st day of the immediately succeeding month in which the said payment is received;
(b) include such payment received as turnover of sales in the monthly return if periodicity for filling return is monthly or, as the case may be, the periodicity specified in the rule made in this behalf.
(3) The claimant dealer opting to pay composition amount under this scheme shall not be eligible to claim set-off of taxes paid in respect of the purchases.
(4) The claimant dealer shall not transfer the property in goods, procured from outside the State, using the declaration in Form C under the Central Sales Tax Act, 1956 in the contract for which he has opted to pay composition amount in lieu of tax payable under the Act.
(5) The claimant dealer shall not issue declaration in Form 409 to his sub-contractor in respect of the works contract for which composition is opted.
(6) The claimant dealer shall not be entitled to change the method of computation of tax liability in respect of contract for which he has opted for this composition scheme.
(7) The claimant dealer shall not issue Tax Invoice.
By order and in the name of the Governor of Maharashtra,
R. D. BHAGAT
Deputy Secretary to Government.