Another opportunity for developers to opt for the Lump Sum Scheme for simplified payment of tax.
Chandigarh, April 23 – Haryana Government is offering another opportunity for developers to opt for the Lump Sum Scheme for simplified payment of tax.
While stating this here today, an official spokesman said that 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 it by submitting an application in form CD1 to the appropriate assessing authority, latest by April 30, 2016, he added.
He said that the State Government had introduced a revised Lump Sum Scheme for builders and developers on September 24, 2015. This scheme provides a simplified and hassle-free mode of tax payment to developers.
He said that under the scheme, a developer registered under the HVAT Act, who had opted for the scheme, was to pay, in lieu of tax payable under the HVAT Act, a lump-sum tax at the rate of one per cent of the aggregate amount specified in the agreement between the buyer and the registered developer. A composition developer under this revised scheme was also authorised to make purchases of goods for use in execution of works contract from outside the state at the rate of two per cent against ‘C’ form.