Vat to govt regulatory body

This query is : Resolved

Share Report Follow Query Ask a Query

Chirag Parmar

Chirag Parmar (Querist)
Follow

02 May 2012 is vat applicable to Govt regulatory body on sale of obsolete fixed asset???

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
Follow

03 May 2012 Mr Parmar
When the Central Govt, State Govt or regulatory body,whether registered or not,have to collect VAT on their sale of taxable goods(scrap also) and deposit such collected tax to the govt. They also should file a return in such months...MJK

Message likes : 1 times

Chirag Parmar

Chirag Parmar (Querist)
Follow

07 May 2012 but as it is they are not into the regular business of selling any scrap....
so why sould they collect tax??

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
Follow

07 May 2012 Mr C parmar,
The govt bodies need not be,and they won't be also,in regular business of selling taxable goods like old machines,furniture,seized vechicles,gold,etc. This is a special provision made for govt,semigovt,PSUs(like Banks,transport corporations,finance corporations,insurance organisations etc.
MJK

Message likes : 1 times

Chirag Parmar

Chirag Parmar (Querist)
Follow

08 May 2012 and sir one more thing
an entity has 2 units i.e. one is Sez unit and the other one in DTA zone so can the service tax cenvat credit of SEZ unit be setoff against the DTA unit???
the question is related to Service tax

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
Follow

08 May 2012 Mr C parmar,
I am not familiar with ST and cenvat.Let other experts reply....MJK

Message likes : 1 times

Chirag Parmar

Chirag Parmar (Querist)
Follow

09 May 2012 ok sir n thanks for the help

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now