Buy back of batteries - does it attract vat
This query is : Resolved
ramanathan
(Querist)
03 November 2013
If a Government organisation is Buying UPS batteries along with a buy back of old batteries, is the latter considered to be a sale and does it attract VAT.
Rahul Singhania
(Expert)
03 November 2013
VAT would be charged on total amount and not on net amount paid to the seller
VAT is to be charged on new purchase and not on net figure after deducting buy back price of batteries
VAT is to be charged on new purchase and not on net figure after deducting buy back price of batteries
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ramanathan
(Querist)
03 November 2013
If VAT is paid on Gross Amount does it mean that the buy back transaction is not Chargeable to VAT and the organisation is not liable to pay anything.
Rahul Singhania
(Expert)
04 November 2013
Buy back of goods in course of exchange / due technical problem involving warranties or guarantees on original goods are not chargeable to VAT.
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