Credit in sale of vat
This query is : Resolved
29 September 2012
Dear Sir,
we are in service sector indus, if we sale a used truck in karanatak we will charges 5% vat as a sale of scrap.
My question is that we can take a credit on sale of used truck if yes under which section
Pls help me out
we are in service sector indus, if we sale a used truck in karanatak we will charges 5% vat as a sale of scrap.
My question is that we can take a credit on sale of used truck if yes under which section
Pls help me out
MJ Krishnamurthy
(Expert)
17 October 2012
Mr Paras,
No, you can not claim input credit of the tax paid on vehiles purchased for service or transportation.The tax collected on sale of vehicle as scrap is to be paid in full to the govt,if the amount exceeds Rs 5lakhs in a year. If it does not exceed Rs 5lakhs do not collect any VAT on such sales......MJK
No, you can not claim input credit of the tax paid on vehiles purchased for service or transportation.The tax collected on sale of vehicle as scrap is to be paid in full to the govt,if the amount exceeds Rs 5lakhs in a year. If it does not exceed Rs 5lakhs do not collect any VAT on such sales......MJK
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