43 Noida developers told to submit tax worth Rs 580 crore on lease premium of projects

The project developers were given a month’s time to submit their replies, Singh said and added that fines will be imposed on them if taxes are not paid within the deadline.

According to officials, the project developers should pay GST on lease premium and lease rent.

Most of the builders submit 18 per cent tax on lease rent but not on lease premium.

“We are in touch with the developers. They said they will file the reply after studying the tax notices,” Singh told The Indian Express.

She said that the taxes have been assessed from the financial year of 2018-19. “The tax amount can change based on the explanations given by the developers. We have given them a month’s time to file their replies after which further proceedings will be initiated,” Singh said.

The officer said that around Rs 30 crore has been recovered from the project developers so far while some developers have sought time.

“If the taxes are not paid by the deadline fixed by the officials, we will impose heavy penalties on them,” Singh warned.

“We will issue notices in the coming days to other developers who didn’t file the taxes. We are checking details,” the Additional Commissioner, GST Department, said.

“Some projects are yet to be updated on the RERA’s websites due to which we are facing some trouble identifying the tax defaulters,” added Singh

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