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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Average Cost Of High Quality Diamonds
- Taxability of credit in canara bank ET & T section (NRO)
- ITR-3 File/Error Found
- Due Date Clarity
- NRI INSURANCE ADVISOR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
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
