22 July 2011
If a person registered under VAT & CST Act and during the year sales his business Assets then my question is whether or not this transaction will be regarded as Retail Sale transaction and he will be liable to Pay Vat......... pls give ur suggestions on the assumption that he has not claim Vat credit at the time of purchase of it...
26 July 2011
There is no Difference if the dealer claimed the vat setoff or not on purchase of capital assest.
But he has to charge the applicable vat rate at the time of sale of assest. refer the defination of Sale under VAT Act.
for example : Purchase of Vehicle no Setoff Allowed but at the time of Sale of vehicle, you are liable to pay VAT. whether collected sepeartely or not.
CAclubindia
