Company taking cost of company provided car while leaving

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Anurag (Querist)
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29 March 2012 my qury is related to VAT & corporate Law both.
i have purchased a car under company scheme in June 2011 on 593,920.00 Rs . total amount was given by company that time.

company has deducted EMIs in following manner fom june to March

"Pmnt
#" Start of Period Annual Interest Rate Scheduled Balance Actual Balance Scheduled Payment Interest Portion Principal Portion

1 08/11 9.50% 593,920.00 593,920.00 (12,473.43) (4,701.87) (7,771.56)
2 09/11 9.50% 586,148.44 586,148.44 (12,473.43) (4,640.34) (7,833.08)
3 10/11 9.50% 578,315.36 578,315.36 (12,473.43) (4,578.33) (7,895.10)
4 11/11 9.50% 570,420.26 570,420.26 (12,473.43) (4,515.83) (7,957.60)
5 12/11 9.50% 562,462.66 562,462.66 (12,473.43) (4,452.83) (8,020.60)
6 01/12 9.50% 554,442.07 554,442.07 (12,473.43) (4,389.33) (8,084.09)
7 02/12 9.50% 546,357.98 546,357.97 (12,473.43) (4,325.33) (8,148.09)
8 03/12 9.50% 538,209.88 538,209.88 (12,473.43) (4,260.83) (8,212.60)
9 04/12 9.50% 529,997.29 529,997.29 (12,473.43) (4,195.81) (8,277.61)

Now I am leaving company .

company has asked for the recovery in following manner.
593,920.00 base amount
529,997.29 current balance amount

recovery due = balance (529,997.29)X 12.5% VAT

596247 Rs. is the due amount as per company.

My query
1. my total monthly EMI was 12,473.43 but they r not deducting interest part. iS IT OK..??? cant i ask for the rest..???
2.Is VAT rate 12.5 % applicable in this case, while resale to me from company..???

Kindly help me in this matter by advising me the way out.

Thanks & Regards
Anurag

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Guest (Expert)

29 March 2012 i assume thatt company is liable to vat. then they shud hv taken gross amt paid for car less vat... for recovery purpose from u monthly basis. take it as Rs 100 - 10 Rs vat= Rs 90. at the time of resale u shud pay Rs 90 less amt paid by you towards emi(after deducting interest). company ll charge 12.5% vat to u on d sale amt

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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14 April 2012 Experts have given proper reply to your query and I agree with them

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