28 April 2008
AN ASSESSEE HAS A MARUTI VAN WHICH IS SHOWN IN THE BOOK DEP.IS TAKEN FOR EVERY YEAR IN MAHARASHTRA VAT UNDER RULE 54 IF ANY VEHICAL SOLD DURING THE YEAR WHICH IS IN NEGATIVE LIST YOU SHOULD PAY MVAT ON THIS VEHICAL BUT IF WE TAKE THIS VECAL FOR PERRSONAL USED AND DEP.IS NOT TAKEN AND PETROL/INSURANCE EXP IS TAKEN AS DRAWINGS IF I SOLD THIS VAN IN THE CURRENT YEAR WHETHER I LIABLE TO MVAT TO PAY TAX ON THIS TRANSACTION
28 April 2008
hi hemant, Dear as the Query asked bu you, i dont think that you have to pay MVAT if you shows the Vehicle as personal. If any thing which is for personal use sold out VAT cannot be charged.
21 May 2008
hi Under the MVAT, the vat is chargeable even on sale of capital assets i.e FA used for business purpose. as per ur querry the asset is used for business purpose in that case MVAT is chargeable on sale of capital asset. however if the assets is shown as personal assets in that case no vat will be chargeable on sale of capital assets
CAclubindia
