Mahavat
This query is : Resolved
08 April 2016
sir i have purchased new car of rs . ten lakhs in my name and i use it for business and claim depreciation. i have sold my old car for four lakhs i used it for business and claimed depreciation.
am i suppose to pay vat on old car.
if yes, at what percentage should i pay vat?
pls. reply.
regards
girish shah
reply at gsshah21@yahoo.com
sir thanks for your reply,
i would like to clarify that I have partner ship firm, the new car bought by me is in my personal name, but i have put that car in balance sheet & i take the benefit of depreciation of car in my firm & i have not claimed any set off in vat in my firm. and i used to do this same thing for the old car sold by me at rs. four lakhs.
now please suggest to me
am i suppose to pay vat on old car?
if yes, at what percentage should i pay vat?
pls. reply.
regards
girish shah
reply at gsshah21@yahoo.com
am i suppose to pay vat on old car.
if yes, at what percentage should i pay vat?
pls. reply.
regards
girish shah
reply at gsshah21@yahoo.com
sir thanks for your reply,
i would like to clarify that I have partner ship firm, the new car bought by me is in my personal name, but i have put that car in balance sheet & i take the benefit of depreciation of car in my firm & i have not claimed any set off in vat in my firm. and i used to do this same thing for the old car sold by me at rs. four lakhs.
now please suggest to me
am i suppose to pay vat on old car?
if yes, at what percentage should i pay vat?
pls. reply.
regards
girish shah
reply at gsshah21@yahoo.com
08 April 2016
Assuming yours is a sole proprietory business.
Have you ever claimed any SET OFF (Input Credit as is called in new terminology) against the VAT paid at the time of purchase of car at 10lakh?
If yes, then you need to collect VAT at the time of sale for 4 lakh.
If no, then you need NOT collect VAT at the time of sale for 4 lakh
Have you ever claimed any SET OFF (Input Credit as is called in new terminology) against the VAT paid at the time of purchase of car at 10lakh?
If yes, then you need to collect VAT at the time of sale for 4 lakh.
If no, then you need NOT collect VAT at the time of sale for 4 lakh
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