Vat on capital assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 December 2013 I HAVE PURCHASE A CAR ON THE NAME OF THE COMPANY IN 2003 AND AFTER 9 YEARS SAME WAS SOLD. AT THE TIME OF PURCHASE I DIDN'T TAKE INPUT CREDIT.

AND NOW SHOULD I CHARGE/PAY VAT ON THE SALE OF CAR?

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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25 December 2013 Yes, now you have to charge vat on its sale ,but, at reduced rate in many states as used car.The vat paid on its purchase can not be claimed as ITC,because it is not used for producing any taxable goods.Now you may have to charge only 5% vat,just check with state schedules.....mjk

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Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2013 Dear Sir,
I have Deposited Vat on Sale on Car. Now should I revise DVAT Return ? if Yes in Which column I should to mention/Fill Detail of Sale of Capital Asset there is(in DAVT 16 Form) no column for Sale of Capital Assets

Whereas Purchase of Capital Goods/assets Column are available there

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