PROPERTY PRICE RISE AND GST AFTER 1-7-2017 Earlier-There was VAT and alternatively Composite Tax and Service Tax on the construction industry NOW BOTH ROLLED INTO ONE-CALLED GST Under GST the Service tax is 12%. It has been learnt that customers willing to buy a nearly-completed house/flat will have to pay 12 per cent service tax … Continue reading GST AND THE PROPERTY PRICE AFTER 1-7-2017
The Government of Karnataka was deliberating and discussing the important issues and points of RERA, which had been notified by the Center and other states, but, will be notifying it soon without much MODIFICATION/CHANGE/ALTERATION. This notification has very significant effect on the REAL ESTATE market and will bring about transparency and stability in the business. The … Continue reading RERA NOTIFICATION IN KARNATAKA AND THE IMPLEMENTATION OF GST AND ITS EFFECTS ON THE REALTY SECTOR IN KARNATAKA
The State Government has increased the Guidance Value or the Circle Rates or the Market Price of the property in Bangalore Urban, Bangalore Rural District and Ramnagar District with 15 days notice to submit the objections, if any, with supporting documents or evidence. In some areas, the increase is very steep and on an average … Continue reading PROPERTY GUIDANCE VALUE REVISED OR INCREASED IN BANGALORE URBAN AND RURAL DISTRICT WITH 15 DAYS NOTICE TO FILE OBJECTIONS
THE APARTMENT OR FLAT BUYERS MAY NOT NECESSARILY BOTHER ABOUT THE TAX ISSUES OF THE PROPERTIES BOUGHT BY THEM, LIKE VALUE ADDED TAX AND SERVICE TAX. IN MAJORITY OF THE CASES, THE SELLERS, HAVE COLLECTED THE VAT AND SERVICE TAX THROUGH EMI/INSTALMENTS OR ONE TIME PAYMENTS, HAVE NOT DEPOSITED THE SAME WITH THE CONCERNED DEPARTMENTS … Continue reading HAVE YOU BOUGHT AN APARTMENT IN BANGALORE? DID YOU EVER BOTHER TO CHECK THE FOLLOWING STATUTORY TAX ISSUES?
VAT TAX THE COMMERCIAL TAXES DEPARTMENT HAS WOKEN UP AND RAIDED SEVERAL BUILDERS LIKE MANTRI, DS MAX, EMBASSY AND NITESH AND COLLECTED OVER 140 CRORES IN THE ARREARS OF VAT COLLECTED BY THESE BUILDERS FROM THE BUYERS OF THE PROPERTY. IT IS TO BE NOTED THAT THESE BUILDERS COLLECT THE VAT OR COMMERCIAL TAX FROM … Continue reading TAX EVADERS (LEADING CREDAI BUILDERS) IN THE NET
IT HAS BEEN WIDELY REPORTED THAT THE COMMERCIAL TAXES DEPARTMENT HAS INITIATED PROCEEDINGS AGAINST THE REALTY MAJOR `xxxxx` AT BANGALORE FOR THE RECOVERY OF TAXES ON ITS PROJECTS ON DEVANAHALLY ROAD AND OTHER AREAS. AS REPORTED EARLIER, NOTICES HAD BEEN ISSUED TO FEW REAL ESTATE COMPANIES IN BEGUR, BANNERGATTA ROAD AND THE DEPARTMENT IS INVESTIGATING … Continue reading XXXXXX (REAL ESTATE) RAIDED BY COMMERCIAL TAXES
THE COMMERCIAL TAXES DEPARTMENT MIGHT ISSUE A DEMAND NOTICE FOR THE COLLECTION OF VAT Etc., TO THE DLF, IN RESPECT OF ITS RESIDENTIAL PROJECT AT HULIMAVU, BEGUR HOBLI, BANGALORE SOUTH THALUK SOON. THE SAME TREATMENT WILL BE METED OUT TO THE OTHER PROJECTS IN THE SAME ROAD SOON.
THE GOVERNMENT OF KARNATAKA HAS PROPOSED INCREASE THE VALUE ADDED TAX FROM 5% TO 5.5% AND 14% TO 14.5% ON ALL THE SCHEDULES AND PRODUCTS AND THUS THE PRICES OF ALL THE PRODUCTS AND SERVICES, WHICH ARE AFFECTED BY VAT WILL BE INCREASED BY 0.5% FROM 01-08-2012.