Scheme introduced to recover tax, interest, penalty and other dues payable by developers and builders.

Chandigarh, Dec 19– The Haryana Excise and Taxation Minister, Capt Abhimanyu, has said that the one-time Haryana Alternative Tax Compliance Scheme has attracted overwhelming response from builders and developers, with 186 dealers from 13 districts opting for it. The scheme had been introduced to recover tax, interest, penalty and other dues payable by developers and builders under the Haryana Value Added Tax Act, 2003.
Stating this here today, he said that the government would recover about Rs 766.60 crore from the builders and developers, out of which Rs 220.18 crore had already been paid by the dealers and about Rs 135 crore had been paid by them along with application in Form TC-1 while opting for the scheme. This amount had otherwise been locked up due to litigations. The balance amount would be payable in three equal quarterly instalments, he added.
Between September 12, 2016 and December 13, 2016, as many as 159 registered and 27 unregistered dealers opted for the scheme which was applicable for the period prior to April 1, 2014. The maximum number of applications were received from Gurugram, with 91 applicants from Gurugram (East) and 30 from Gurugram (West).
Capt Abhimanyu said while the scheme enabled the government to recover taxes and dues which were difficult to recover due to unending litigations, it had benefited the buyers too as it fixed the tax payable by the developers and builders at 1.05 per cent, and put an end to the uncertainty about the rate of tax.
The scheme envisaged, by way of one-time settlement, a lump sum amount at the rate of one per cent of the entire aggregate amount, and a surcharge at the rate of five per cent on the amount thus payable.
The department would take strict and timely action as per provisions of the law against such developers as had not opted for the scheme, the Minister added.