Is vat applicable?

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Nayagam (Querist)
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16 August 2013 Is VAT applicable on transfer of stock and machineries when a firm converted into private limited?. If not how to document the same... Any suggestion...

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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16 August 2013 VAT/Sales Tax/CST are levied only when sales transactions are Existed.

In your case firm is inverted into Company doesn't comes under preview of SALES transaction. Therefore you need not to worry about VAT.

For Documentation simply transfer deed is sufficient to document this transaction.

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MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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16 August 2013 The expert's opinion is correct. Sale of business as a whole and along with it the stock and machinery,is exempt from VAT in all states.....mjk

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