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Kvat

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(Querist)
31 July 2012 The query is in reference to Karnataka Value Added Tax 2003
Is leasing of furniture chargeable under KVAT Act, 2003? if yes what is the present rate of tax? Can I claim the vat credit?
can I sub lease the same material and charge VAT
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Unnikrishnan

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Unnikrishnan (Expert)
31 July 2012 If you are referring to a finance lease of the furniture, it is considered as a "sale" under Section 2(29)(c) of the Karnataka Vat Act.

Hence, vat is applicable on the transaction
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