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Discussion > VAT > DVat >

Vat on sales of fixed asstes

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student

[ Scorecard : 78]
Posted On 10 September 2011 at 14:51 Report Abuse

A registered dealer in Delhi sale their car (fixed asstes) on Rs. 250000.00. I want to know whether VAT is applicable or he have to pay any tax on this sale. If yes, then what is the amount and section as per Act.

Kindly do the needful.


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RAKESH
Almost CA

[ Scorecard : 2183]
Posted On 10 September 2011 at 15:05

I think VAT is applicable on sale of Fixed asset. Rate and section i cant tell because VAT differs from state to state. I m telling the position prevailing in my state.





Ram Avtar Singh
Nagari Sultanpur U.P.Delhi

[ Scorecard : 13272]
Posted On 10 September 2011 at 15:24

Vat applicable 12.5% in sale of car




SANDEEP R. WAWHAL
B.Com, ,C.A. Final

[ Scorecard : 1433]
Posted On 10 September 2011 at 17:27

Vat is applicable @ 12.5% on sale of asset within maharashtra.

And net amount  X  will be 250000 * 100 / 112.5 and 

Vat Amt  Y  = X * 12.5%

Total Amount  X + Y = 2,50,000




D VARA PRASADA RAO
Student (Articles Completed)

[ Scorecard : 167]
Posted On 12 September 2011 at 02:20

VAT is Not applicable on sale of Fixed Assets held for the use of Business Purpose........VAT is not applicable in the State of Andhra Pradesh.




jerome irudayaraj johnson
student-cpt

[ Scorecard : 31]
Posted On 12 September 2011 at 11:10

if it is a second hand car then VAT is not applicable(according to my knowledge). because VAT is value added tax and so it is payable only if any additional features are installed in the car unless no need of VAT.......... 




ASHU SHARMA
CA STUDENT

[ Scorecard : 136]
Posted On 12 September 2011 at 12:58

 

Vat is not applicable on sale of Fixed Assets.




SANDEEP R. WAWHAL
B.Com, ,C.A. Final

[ Scorecard : 1433]
Posted On 13 September 2011 at 13:07

Vat is also applicable on sales of second hand asset.




Yatender Sharma
Senior Accountant

[ Scorecard : 141]
Posted On 30 October 2011 at 12:51

Vat is applicable on the sale of Fixed assets whether it is a car or any other machine use in a Business or purchase in the name of firm/company etc. Vat rates can be differ by States. so see your Vat Shedule.



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