Sale of Fixed Assets
This query is : Resolved
Dhinesh kumar
(Querist)
17 June 2009
During Sale of Fixed Asset (Which is in the usable stage, not a scrap) whether VAT is applicable.
Kindly suggest me in this regard.
Kindly suggest me in this regard.
Ratan Sharma
(Expert)
17 June 2009
Yes, sale of fixed assets attracts VAT as per the rates prescribed. Even if fixed asset is sold as scrap even then VAT is payable.
Dhinesh kumar
(Querist)
17 June 2009
Would u please give me an example (VAT applicability in any state)
Madhukar N Hiregange
(Expert)
18 June 2009
In Karnataka for specified capital goods the VAT rate is 4% ( many of the industrial capital goods are covered here) and for other capital goods it wouldbe 12.5%.
CA Nitin Wadhwani
(Expert)
19 June 2009
Under MVAT, it's 12.50%.
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