VAT is a sales tax on the “agreement for sale” between builder and buyer. .Maharashtra government has issued a notification on the imposition of 1 per cent value added tax (VAT) on the contract price of flats mentioned in the agreement of sale registered on or after April 1.
The Maharashtra Government has issued notification No VAT-1510/CR 47/Taxation-1.- dated 10th March, 2010; increase in rates of MVAT from 4% to 5% on sales of all goods which are now taxable at 4%. However rates of taxes of goods declared u/s. 14 of CST Act, 1956 i.e. declared goods, will continue to be taxed at
Mumbai, Apr 19 : The Maharashtra government faced an embarrassing situation when it could not push through the Value added tax (VAT) bill after the opposition in the Legislative Assembly managed to force a discussion on the bill tomorrow