A registered dealer in Mumbai sale their car (fixed asstes) on Rs. 250000.00. I want to know whether VAT is applicable or he have to pay any tax on this sale. If yes, then what is the amount and section as per Act. Kindly do the needful.

In my office we have three computer as part of Fixed Assets now i had sale one computer form out of three.
My Question id
1) Vat is Applicable ?
2) If Yes then why ?

I am calculating vat payable by a builder from 2006 to 2010. Should I take actual purchases as per Income Tax return or take purchase proportionate to the area sold(Flats sold)? Sir/ Madam can you please give me your email ID or contact number so that I can contact you in case of difficulties.

Hi,

Querry:
Can a retailer opting composition scheme in maharashtra, claim capital assets purchased as a deduction from the turnover. Whether retention of 3% will apply.

Regards

Dear Experts,

Please clarify the difference between levy of CST and Entry tax.

It is obvious that CST will be levied on goods purchased from another state but when entry tax is levied?

Regards
Samiksha Kansara

Thanks in Advance

My client is builder and developer, they have take VAT registration no.

Which form is Applicable to builder for VAT return filing?

I got the letter from builder to pay the VAT portion @ 2.81% in September 2012, for the flat purchased in 2009 (under construction), possession given in July 2012. VAT issue was informed to us at the time of purchase.

1) In his calculation given below, he has calculated VAT @ 4% & 12.5% .
2) Following is the calculation:
Gross Receipt (after deduction of land cost Rs.37153787) Rs. 242488134 without any deductions in respect of sub contracts expenses & thereafter deducted standard deduction of 30% from the above figure to arrive at the taxable figure of Rs. 169741694. Tax is calculated at 4% - Rs. 4374113.00 & 12.5% - Rs. 6223862 & deducted set off Rs. 2743097, net tax - Rs. 7854878.00 (2.81%) - not able to identify how the % has been taken out?

Queries are as follows:
1)a) How is the VAT calculated without any expenses incurred (on the basis of gross receipts)?
b) Builder has not taken into consideration the expenses incurred through sub contract works?
2) Can builder collect the tax without providing raising an invoice for VAT collected? (Note that builder is giving us the receipt for collection of tax)
3) Builder has to take into consideration the VAT input credit while arriving at the vat taxable portion

Dear Sir,

I would need your valuable suggestion on the below transactions. My co is trading in IT PRODUCTS AND SERVICES. My co is purchasing the extended warranty pack from the vendors. It is works contract in nature; Repairs and Maintenance agreement.My co is not liable to provide any service to customers. My vendor is directly liable to provide service to the final customer. My query is related what is suppose to be my tax treatment as it is an sale of intangible service contract. It is not found to be service as I am purchasing and selling the contract, and no contracts are being arranged at the discretion of customer. There is no commission received by my organisation in this transaction. Here I need your suggestions that being a trader of this intangible service whether I am liable to provide Service Tax or VAT to the customer.

Hi,

Please tell me that if VAT is applicable on food if a person stays and order food in a hotel itself.

Also, please clear the applicability and rates of vat on hotel industry.

Regards
Vivek Bansal

Dear All,

Can entire portion of vat/cst paid on purchase of capital goods be used to discharge the Output VAT/CST liability?

Can CST liability (2% or 12.5%) be discharged by utilising the Input VAT credit?

Can CST paid on Inputs be used for discharge of Output VAT/CST liability?