Excise deptt tightens grip on Chandigarh realtors

Sensing large-scale tax evasion by the realty sector, the central excise department is going to launch an intensive survey of commercial and residential properties here and in the surrounding areas, to bring property builders under tax net. ‘‘We have a sense that majority of property developers in commercial and residential spaces are not paying service tax. Therefore, we have decided to carry out an intensive survey of the offices and sites of builders here and surrounding areas to bring uncovered property developers under tax net,’’ a senior official of the central excise department told PTI here. The department would form several teams of inspectors and other staff to conduct survey and find out which commercial properties are not covered.

Source : Financial Express