Due Date extended by HVAT upto 30 April 2016 for Developers & Builders to opt for Revised lumpsum Scheme
All builders & developers can opt for the revised lumpsum Scheme for the period 01.04.2016 onwards, by submitting an application in form CD1 to the appropriate assessing authority, latest by 30.04.2016.
The HVAT has introduced a revised lump sum Scheme for builders and developers on 24.9.2015. The Scheme provides to the developers, a simplified and hassle free mode of payment of tax. Under the Scheme, a developer registered under the Haryana VAT Act, 2003 who has opted for the Scheme, was to pay, in lieu of tax payable under the HVAT Act, a lump-sum tax @ 1% of the aggregate amount specified in the agreement between the buyer and the registered developer. A composition developer under this revised Scheme was also authorized to make purchases of goods for use in execution of works contract from outside the state @ 2% against ‘C’ form.
A developer registered under the HVAT Act could have opted for the Scheme within 60 days from the date of its notification. However, registered developers who could not opt for the Scheme earlier, may now opt for the Scheme for the period 01.04.2016 onwards, by submitting an application in form CD1 to the appropriate assessing authority, latest by 30.04.2016.