Chandigarh: Real estate in Haryana can just take a step back as the government is planning on imposing value added tax (VAT) on developers, promoters and builders of the state. The implementation of the tax has been brought about by chiefly the spurt of activity in real estate that has been taking place in the state. Speculations are being made that this tax can negatively affect buyers who will indirectly be paying the amount levied on the builder as tax.The tax will be levied on any builder or entity with an annual turnover of more than Rs 5 lakh. Therefore almost all builders and developers will have to pay the tax. The state government is will be using the tax amount to boast the state revenue.The tax will be levied only on developers who build houses and flats for purchasers. Builders can have two options for paying the VAT. Wither they can pay 4% of the entire project cost or they can produce the bills for various inputs like iron, sand etc and have VAT calculated on those bills. In the first case the builder will have to pay a VAT of RS 4 crore if the project turnover is Rs 100 crore. In the second case land and labour costs will not be considered for charging VAT. Haryana has a system in place when it comes to payment of VAT and it also has different slabs for different items such as VAT applicable for iron rods is 5% while that for sand is 13.2%Most developers are disappointed by the Haryana government’s decision and think of it as a negative signal for real estate development when the sector is already slowing down in the rest of the country not because every person has been given a home but because housing has simply went out of the affordability of the middle and lower income groups. Levying VAT is almost like forcing the developers to jack the property prices which will make it even harder for buyers to buy homes.займ на карту без отказов круглосуточновзять кредит онлайн