Is vat applicable?
This query is : Resolved
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...
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.
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.
Message likes :
1 times
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Banking Related Issue
- ASMT-10 received from A O
- ITR-3 File/Error Found
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Difff in ais receipts and gst turnover
- Gst on travel by air for business purposes
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
