GURGAON: In a recently held NAREDCO 13th Nation Convention at New
Delhi, Captain Abhimanyu the Finance Minister of Haryana has agreed to fix the
limit of VAT to 1% in Real Estate in Haryana and this government's decision is
welcome and appreciated by NAREDCO.
NAREDCO (National Real Estate Development Council), the apex
national body for the Real Estate Industry which works under the aegis of
Ministry of Housing & Urban Poverty Alleviation.
President NAREDCO Parveen Jain said that as far as VAT in Real
estate in Haryana is concerned, NAREDCO had requested the government to kindly
look into the matter of past and present scenarios to understand the
grievances, problems and uphill tasks faced by the end-users and developers
regarding this aspect. Being a real estate body we welcome the move of Haryana
Government.
This decision of fixing 1% VAT
has put to rest all the speculations, uncertainty prevailing earlier and all
the pending litigations, cases shall be abolished. The chaos and uphill task
being faced by the builders and end-users regarding this aspect shall hopefully
come to a halt by this decision and also it shall generate more government
revenue. So now it is a sign of relief after the announcement of fixing the VAT
rate as 1%.
SOURCE:- TOI
Online Dated Sep 14, 2016, 08.49 PM IST
