Rate of vat on sale of fixed assets in west bengal
This query is : Resolved
HEMANT KUMAR GUPTA
(Querist)
30 November 2012
dear sir,
i have a query regarding rate of output vat on sale of fixed assets i.e. plant & machinery & furniture.suppose a company is registered vat dealer in west bengal.if the company sales its plant & machinery & furniture to other company,then at what rate output vat will be charged & what will be the taxable amount.
i have a query regarding rate of output vat on sale of fixed assets i.e. plant & machinery & furniture.suppose a company is registered vat dealer in west bengal.if the company sales its plant & machinery & furniture to other company,then at what rate output vat will be charged & what will be the taxable amount.
CA. Hari Kishan
(Expert)
01 December 2012
I am of the opinion that should the sale of furniture and machinery not be the main business of the company, NO VAT is payable.. kindly refer to the latest judgement in the case of Kwality Biscuits and Ciniplex India Limited 2012 case 53 VST. both give by the Karnataka High Court.
However the matter is litigative..
However the matter is litigative..
CA. Hari Kishan
(Expert)
01 December 2012
I am of the opinion that should the sale of furniture and machinery not be the main business of the company, NO VAT is payable.. kindly refer to the latest judgement in the case of Kwality Biscuits and Ciniplex India Limited 2012 case 53 VST. both give by the Karnataka High Court.
However the matter is litigative..
However the matter is litigative..
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