Vat return

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shalu (Querist)
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26 April 2014 IS A BUSINESS CAN ALSO CHARGE VAT ON SALE OF ASSETS ALSO ALONGWITH SALE OF GOODS. IF YES WHAT WILL BE THE RATE OF VAT. IS IT SAME RATE AS CHARGED BY A PERSON WHO IS DEALING IN SUCH GOODS WHICH ARE SOLD AS ASSETS.HOW THIS SALE OF ASSET ON WHICH VAT IS RECEIVED IS DISCLOSED IN VAT RETURN .IN WHICH LS IT WILL BE TAKEN.

VAMSI ASSOCIATES/S.PHANI RAJ

VAMSI ASSOCIATES/S.PHANI RAJ (Expert)
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27 April 2014 the sale of assets
if it is a plant & machinery
at the time of purchase we have to take credit on vat on pur of plant & machinery

now we have to sold the same
then we have to collect the vat on sale of assets also
pls see the vat site for tax rates

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