This is first post , hope to get some valuable feedback on my query :)
I have booked a Flat in new Panvel ( Koproli ) and done Registration / stamp duty on 23-03-2010.
Now I have received a letter from my Builder asking to pay 5% VAT on the agreement value under maharashtra value Added Tax Act 2002 with effect 20/06/2006.
I have come to know this matter is pending in Bombay High court.
Builder also asked to pay 2.57% services tax on all the payments made after 01-07-2010.
I would like to know ,
> Is 5 % VAT is really applied by MH Govt or it is still pending ?
> How to pay this tax ? what is Bank Gutantee, can i do it from outside MH state ( it is mentioned to pay by this ) ?
> In case this tax is not paid within Builder given time frame , is there could be any further issues ?
Many Thanks in advance !!