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Vat on fixed asset - car

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(Querist)
22 December 2014 Dear All

My client has exchanged his old car for Rs.300,000 and purchased new car for Rs.725,000.
Whether he is required to pay tax on sale of car (exchange) under MVAT Act?

Thank you,
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Ketan Shah

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Ketan Shah (Expert)
23 December 2014 In case of registered dealer the said assessee is liable for paying vat on sales. Sales includes goods in trade and any other item sold by dealer.
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Prashant Patil

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Prashant Patil (Querist)
29 December 2014 He is dealer of taxfree goods cloth and the said car is exchanged.



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Ketan Shah

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Ketan Shah (Expert)
31 December 2014 Whether your dealer is registered under MVAT or not?
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Prashant Patil

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Prashant Patil (Querist)
31 December 2014 Yes he is.
Ok I understand

Tahnks

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