I am from Gujarat, I want to know that if a company going to sell a car which is in company's name and company is not registered under Gujarat VAT Act, so what to do, is it necessary to register first or not. because company is going to sale a car ( Fix asset of company) to any individual person.
07 December 2011
If the sale value of the car is less than minimum turn over for registration under the Gujarat VAT Act, then VAT need not be collected. If the Value of the sale is more than the limit, then yes, VAT is applicable at the rate specified under the VAT Act.
12 December 2011
Sir, the sale price of the car is around Rs:1,50,000/- then it is not exceeds to Rs:5,00,000/- of total turnover, but is it exceeds to total taxable turn over which is Rs:10,000/- as per Gujarat VAT Act?
CAclubindia
