We are pleased to release a Tax Alert which gives an update on the on the Draft Rules vide Notification No. Web 6/H.A.6/2003/S.60/2014 dated 5 July 2014, issued by the Excise and Taxation Department of Haryana, proposing to amend the Haryana Value Added Tax Rules, 2003.
The Draft Rules propose to substitute Rule 49 relating to lump sum scheme for contractors other than developer and also insert Rule 49A which deals with lump sum composition scheme in respect of developers.
However, there are various issues which have not been addressed by the scheme which would need to be analysed in detail.
Such amendment will have an impact on the real estate industry for past period as also going forward.
The Draft Rules propose to substitute Rule 49 relating to lump sum scheme for contractors other than developer and also insert Rule 49A which deals with lump sum composition scheme in respect of developers.
However, there are various issues which have not been addressed by the scheme which would need to be analysed in detail.
Such amendment will have an impact on the real estate industry for past period as also going forward.
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