Vat
This query is : Resolved
16 October 2011
dear experts
pls guide me
i am proprietor of a business.i have a car in the business as fixed assets.Now i want to sell the car. but i want to show withdraw of the car(fixed assets) from business.
i want to show the transaction as below.
cr to car
dr to capital
can i do this
should i pay vat on the sale of the car
thanks
pls guide me
i am proprietor of a business.i have a car in the business as fixed assets.Now i want to sell the car. but i want to show withdraw of the car(fixed assets) from business.
i want to show the transaction as below.
cr to car
dr to capital
can i do this
should i pay vat on the sale of the car
thanks
17 October 2011
Mr M Rathod,
Whenever you sell an asset you have to collect VAT on it and pay the balance of of VAT left after deducting the amount paid while buying it.As the resale value is less than the original you may even get refund out of it.
MJK
Whenever you sell an asset you have to collect VAT on it and pay the balance of of VAT left after deducting the amount paid while buying it.As the resale value is less than the original you may even get refund out of it.
MJK
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
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Tds on commission charges
- Dep. as per companies act
- Minimum tax payable to file Updated return
- Applicability of GST on Salary Reimbursement Component
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- FAST-DS Scheme - Foreign Assets
- New GST registration for new place of business.
- CHECK RELATED
- GST Intimation due to Government took possession of Business Premises under PPE Act
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
Quick Links
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
CCI
Pro
CAclubindia
