sale tax or vat is applicable or not
This query is : Resolved
manoj kumar shaw
(Querist)
21 May 2008
Right to use movable properties like JCB or earth moving equipment to customers .
S.Srinivasaraghavan
(Expert)
21 May 2008
Yes applicable
21 May 2008
yes, the vat is applicable, rate of tax will be as the equipment's rate.. U can take input rebate against the equipment purchase within state.
CA. O.P. Agarwalla
(Expert)
18 September 2008
It is nice to know that unlike Assam, other states are allowing ITC against VAT paid for purchasing of Assets (to be used in transfering of right to use).
CA. O.P. Agarwalla
(Expert)
19 September 2008
Please read the contract carefully:-
01. It is taxable in the state in which the contract is executed.
02. lease check that whether transfer of right to use has been made or not? In many case it has been found that in such type of cases, right to use is never transfered.
01. It is taxable in the state in which the contract is executed.
02. lease check that whether transfer of right to use has been made or not? In many case it has been found that in such type of cases, right to use is never transfered.
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