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Discussion > VAT >

VAT on furniture

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Lawyer


[ Scorecard : 574]
Posted On 25 March 2008 at 17:45 Report Abuse

hi all

Is VAT payable on the lease of Furniture and Fixture  under UP VAT (on which we are not paying any service tax currently) ????

Regards

Sachin


Online classes for CA CS CMA



(Guest)
Posted On 26 March 2008 at 18:06

Yes, it seems that  VAT is payable on lease of Furniture & Fixtures as per UP VAT Act. Please read the following contents of the UP VAT Act.

 

Section 2(q)

 

"Lease"

Lease means any agreement or arrangement whereby the right to use any goods for any purpose is transferred by one person to another (whether or not for a specified period) for cash, deferred payment or other valuable consideration without the transfer of ownership and includes a sub-lease but does not include any transfer on hire purchase or any system of payment by installments;

 

Section 2 (ac)

 

"Sale"

Sale with its grammatical variations and cognate expressions, means any transfer of property in goods (otherwise than by way of a mortgage, hypothecation, charge or pledge) by one person to another, for cash or for deferred payment or for any other valuable consideration and includes, -

 

Cause (iv) A transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration;

 

 

 

Section 2(ad)

 

"

Sale price"

Clause (iv) In respect of transfer of right to use goods, any goods for any purpose (whether or not for a specified period) sale price means the valuable consideration received or receivable in respect of such transfer of right to use goods but does not include any sum payable as a penalty or as compensation or damages for breach of contract;

 

 

 

Section 2 (aq)

 

"Turnover of sale" means the aggregate of amount of sale prices of goods, sold or supplied or distributed by way of sale by a dealer, either directly or through another, whether on his own account or on account of others;

 

Section 2 (an)

 

“Taxable turnover of salemeans turnover obtained after deducting from the gross turnover of sale such amounts as may be prescribed;

 

 

 

 




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