Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Vat on capital assets

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

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)
Follow

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

Message likes : 1 times

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

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