Vidhi Codex

Bare Act

The BIHAR VALUE ADDED TAX (AMENDMENT) ACT, 2016

Tax20168 sections

The Bihar Value Added Tax (Amendment) Act, 2016, modifies the existing 2005 VAT framework to better regulate the real estate sector in Bihar. It introduces a specific legal definition for "Developers," encompassing builders and contractors involved in construction for sale. The Act adjusts various tax rates on goods and introduces a "compounding" mechanism, allowing developers to pay a fixed percentage of tax instead of complex itemized calculations. It also provides rules for determining deductions for land and labor costs when proper accounts are missing. This legislation primarily impacts real estate businesses and ensures clearer tax compliance for property transactions.

Start reading →Read full ActSections
  1. 0. Preamble
  2. 1. Short title, extent and commencement
  3. 2. Amendment in Section-2 of the Bihar Value Added Tax Act, 2005 (Act 27 of
  4. 3. Amendment in Section-14 of the Bihar Value Added Tax Act, 2005 (Act 27
  5. 4. Insertion of Section-15C in the Bihar Value Added Tax Act, 2005 (Act 27 of
  6. 5. Amendment in Section-35 of the Bihar Value Added Tax Act, 2005 (Act 27
  7. 6. Amendment in Section-36 of the Bihar Value Added Tax Act, 2005 (Act 27
  8. 7. Amendment in Section-41 of the Bihar Value Added Tax Act, 2005 (Act 27

PDF: pending for this language.