14 October 2013
Sir, Do builders have to pay Interest on VAT paid for the period 2006 to 2012? What if they have paid tax on or before 31.10.2012? As Hon. Supreme Court in its decision on 28.08.2012 had said that builders should pay tax without interest & penalty but Department in its circular has not mentioned any such thing. So is interest payable & under which section/s?
14 October 2013
Generally,once a judgment is given clarifying a legal point it will have retrospective effect from the date of introduction of a law or an amendment to it.If the SC has given any such exemption under specific circumstances it may quoted to the authorities while filing the returns of previous periods. In the newly introduced e-filing system the system will demand inclusion of interest also. Then you may have to file such old returns manually.....mjk
CAclubindia
