banner_ad

Vat in buyback of company car

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
26 March 2013 I had taken a company car registered in Bangalore. Since i am leaving the company, i want to buyback the car from the company on WDV. Now company says i have to pay 14.5% VAT on WDV for buyback in my name. Kindly clarify whether the same is applicable, since i have already paid all taxes during purchase of the vehicle.
Profile Image

Sunil Mate

Profile Image

Sunil Mate (Expert)
26 March 2013 Please check if you have paid the VAT Tax as you claimed in your querry.

Also is want to clear that if any registered dealer sold any assets to any one it will be treated as sale of goods and the applicable rate of tax is to charge on the same.

In your case rate of tax on sale of car is 14.5% hence you have to pay the same.

the only solution is to lower the amount of tax, by showing inclusive in selling price.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details