Haryana FM agrees to fix limit of VAT to 1% in real estate

NAREDCO, the apex national body for the Real Estate Industry which works under the aegis of Ministry of Housing & Urban Poverty Alleviation.

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: http://realty.economictimes.indiatimes.com/news/regulatory/haryana-fm-agrees-to-fix-limit-of-vat-to-1-in-real-estate/54340471

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