Hire Purchase Company
This query is : Resolved
11 August 2008
Dear Sir,
1. Is a Hire purchase company liable for service tax? If so what are the amounts chargable to tax?
2. Can a partnership firm be floated for making hire purchase business? What are the formalities required for floating Hire Purchase Business?
1. Is a Hire purchase company liable for service tax? If so what are the amounts chargable to tax?
2. Can a partnership firm be floated for making hire purchase business? What are the formalities required for floating Hire Purchase Business?
18 August 2008
in case of Higher Purchase agreements, VAT/CST will be charged not service tax. W.e.f. 16.5.8 service tax will be charged if a tangible asset is given for use without transferring the effective control. In case of Higher Purchase of a tangible assets if effective control is also transferred the it will come under the definition of Sale because the definition of sale includes " Transfer of right to use goods" and thus sales tax will be chrged.
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