VAT apply on Leased Aseets ??? under deemed sale or s.tax?
This query is : Resolved
Vijay Parmar
(Querist)
08 January 2011
hello
VAT
VAT apply on leased assets under deemed sale...
if i have give machine in rent .. then i should apply VAT ????
if opposite party is turnover is exceed and he also collect Service Tax on Rent ???
Simple Question is
if i Rent My machine to Mr.Y then Should i collected VAT from Mr.Y??? and Mr.Y also Collected Service Tax from Me???
its true???
VAT
VAT apply on leased assets under deemed sale...
if i have give machine in rent .. then i should apply VAT ????
if opposite party is turnover is exceed and he also collect Service Tax on Rent ???
Simple Question is
if i Rent My machine to Mr.Y then Should i collected VAT from Mr.Y??? and Mr.Y also Collected Service Tax from Me???
its true???
CA Vijay Kumar Gupta
(Expert)
08 January 2011
you have to collect vat on rent.(right to use transaction is covered under sale normally ).Y cannot collect service tax, in my opinion service tax is not applicable on leasing transactions.service tax charged by the serviceprovider normally(if applicable).
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