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.
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