Mumbai builders' offices sealed over tax arrears
Editor | February 20, 2017 @ 03:16 PM
The defaulters have been found to have evaded payments of non-agricultural (NA) tax to the revenue department under the Maharashtra Land Revenue Act, 1966. Some developers were also found to have evaded payment of royalty to be paid for excavating soil at construction sites. Owners of structures constructed on land which entails NA tax need to pay annual levy to the government, which is based on pre-fixed rates based on the premium listing of every city. The owners of the land have to deposit the sum with the revenue department following, which the department issues two notices to defaulters before sealing their premises.
“Haware Developers, and RNA were found to have defaulted on payment of royalty and so their offices were sealed by the department on February 16. Others were yet to pay the NA tax since the last few years,“ informed a senior officer. Attempts to contact Haware Builders and others proved unsuccessful.
Source: Economic Times, Mumbai
Do you have a question about your real estate investment? Join the discussion and get your answers on Magicbricks Forum.