Retrospective VAT Will Hammer Realty Cos: Mahesh Jaising
  • Elizabeth George
  • Sep 27 2013

September 27: BMR Advisors’ Mahesh Jaising says the SC’s retrospective VAT levy for realty companies not only reaffirms the K Raheja ruling, but also overturns the principle of no tax being applied on the one-contract model. “This will have a significant impact on the companies’ operations and net worth,” he says, adding that the real estate industry should come together with the tax authorities and work out an affordable payment to avoid closure of large players.