05 March 2009
A pvt. ltd. company sold a fixed asset (Car). Should it have to pay sales tax/CST on sold amount of car? Comoany is registered under Sales Tax Act.
Should sales tax/CST is payable if assets destroyed/lost and insurance claim received?
24 March 2009
No, in the case of asset is destroyed/ lost and insurance claim is received not VAT attracted, since there no sale. Deemed sale concept is not exists in all states VAT act.
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