12 real estate developers under scanner

| | BHUBANESWAR
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12 real estate developers under scanner

Friday, 20 May 2022 | PNS | BHUBANESWAR

As many as 12 real estate developers of the State have come under the scanner of the State GST Department on the allegations of tax evasion.

 

Based on the complaints from purchasers of flats and subsequent data analysis done by State GST Enforcement Wing, search and inspection of the business premises of some real estate developers were undertaken. During the search, it was found that a section of the real estate developers having turnover of more than Rs 100 core have shown nil turnover in their VAT returns. They collected VAT of 2% on gross value of the apartments but did not deposit the same in Government account.

 

Some developers collected VAT on the strength of money receipt and not through invoice with an intention to evade payment of tax. It was also detected that some developers filed returns showing all taxable turnovers as tax exempted turnover with a motive to not pay tax. One of them showed the intra-State transaction as inter-State transaction.

 

The department collected the data from the Odisha Real Estate Regulatory Authority (ORERA). Investigations into the financial transaction of 12 developers have been completed.

 

The adjudications for eight developers, Z Estate Private Limited, DN Homes Private Limited, SJ Developers and Housing Private Limited, Vipul Limited, Ashiana Homes Private Limited, Utkal Builder Limited, Utkal Realtors Private Limited  and BN Developers Private Limited, have been completed with huge discrepancies found.

 

In view of the large-scale tax evasion, the Commissioner of CT and GST has directed to make scrutiny of returns of the real estate developers, who have taken up residential and commercial projects, in order to ascertain the turnover disclosed and payment of tax by them, according to a department release.

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