Tax applicability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 December 2010
What is the tax implication when an imported machinery originally brought in on lease terms later on bought by the lessee from the lessor-owner who executes a purchase agreement and delivery note from abroad?
02 January 2011
VAT 4% is charged as additionla duty when goods is brought in to india, whether by purchase or lease.
Since the import duty was paid at the time of bringing the machinary in india, I donnot think any additional tax is payable after purchase agreement.
Since the import duty was paid at the time of bringing the machinary in india, I donnot think any additional tax is payable after purchase agreement.
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