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Sale of Fixed Assets

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(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.
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Ratan Sharma

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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.
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Dhinesh kumar

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Dhinesh kumar (Querist)
17 June 2009 Would u please give me an example (VAT applicability in any state)
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Madhukar N Hiregange

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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%.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
19 June 2009 Under MVAT, it's 12.50%.
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