Attract vat on sale of vehicles
This query is : Resolved
19 April 2013
Dear experts,
I Have one Doubt in VAT.
We are a Company 4 no's Tippers Purchased in the year of 2009 In AP Only .Now we are proposing to sale that vehicles with in AP, at the time of purchase we are not taken in put.
what my question is At the time of sale VAT is Applicable or not ,If Applicable what is the rate of Tax.
Please Help me in this Doubt
I Have one Doubt in VAT.
We are a Company 4 no's Tippers Purchased in the year of 2009 In AP Only .Now we are proposing to sale that vehicles with in AP, at the time of purchase we are not taken in put.
what my question is At the time of sale VAT is Applicable or not ,If Applicable what is the rate of Tax.
Please Help me in this Doubt
20 April 2013
Should you a company not trading in tippers etc. you may not be liable to pay VAT on the sale of the same, Please refer to the Karnataka High court judgements in the case of Kwality biscuits limited and also in the case of Cineplex india limited.
Since the sale of assets is not YOUR BUSINESS,, hence may not be VATable.
Since the sale of assets is not YOUR BUSINESS,, hence may not be VATable.
Message likes :
1 times
23 April 2013
If on the sale of tippers you realise more than Rs5 lakhs and you are registered under AP VAT Act you become liable for payment of VAT on this sale of assets,although it was not your business.If the above conditions are not existing then you need not worry.....mjk
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Unregistered suppliers utility
- NRI starting business in India
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- GST not cancelled by tenant
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- Resigning a auditor from the company for misconduct
- Bank details not Visible on Traces Portal
- Taxable or Tax exempt
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
