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.
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.
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
CAclubindia
