Builders and developers in Haryana have responded positively to the Haryana Alternative Tax Compliance Scheme, with a targeted deposit of Rs 766.60 crore. 186 property builders have paid close to Rs. 255 crore already.
Within a short span of time of declaring Haryana Alternative Tax Compliance Scheme, the state government has announced that it has received overwhelming response from the builders and contractors. The state is aiming at recovering about Rs. 766.60 crore, out of which Rs 220.18 crore is already paid by the builders. Another sum of Rs 135 crore had been paid along with application in Form TC-1 at the time of opting for the scheme.
According to the Haryana Alternative Tax Compliance Scheme 2016, the contractors or developers shall have to calculate and declare their year-on-year liability and shall pay 25% of the total amount due along with the application for TC-1. The rest of the amount has to be paid in three quarterly instalments, which must be paid within the first 15 days of the next quarter. The aim was to recover tax, interest, penalty and other dues payable by developers and builders
Out of the 186 dealer from 13 districts in the state, who paid the taxes, 159 were registered and 27 were unregistered dealers. Maximum numbers of applications were received from Gurgaon, which amounts to121 application.
Capt Abhimanyu, Excise and Taxation minister showed an optimistic outlook about the response shown by the property dealers. He said, “The Haryana 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.”