Sales tax on sale of fixed assets
This query is : Resolved
Ravi Kumar Rajgaria
(Querist)
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?
Should sales tax/CST is payable if assets destroyed/lost and insurance claim received?
CA Nitin Wadhwani
(Expert)
05 March 2009
Yes.
In both the cases the co. will be liable to pat VAT/CST.
In both the cases the co. will be liable to pat VAT/CST.
SREELALITHA V
(Expert)
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
