Applicability of VAT upon sale of business activity
This query is : Open
18 May 2009
One of the activity (demerger) of business is demereged into another business including manufacturing units / other assets. Whether VAt is payable upon execution of this transaction on the trading stocks in Maharashtra
19 May 2009
stock is levy for VAT but other(s) are not leviable
19 May 2009
I am of the opinion that upon taking over a business under an agreement, which, infact, is not a sale (which could be defined as restucturing of business whether under court's orders or not - the liability of payment of VAT occurs upon actual sale of the stocks to the subsequent trader or end user. I need someone to logically [under VAT provisions (Maharashtra)] could ratify my views or explain the actual position.
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