banner_ad

Hire Purchase Company

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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?
Profile Image

Vineet Bansal

Profile Image

Vineet Bansal (Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details