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Vat on fixed asset

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Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2013 i had Sale a car during the year 2009-10 of rs 120000 in which now i get a notice from the Sales Tax Agra that you are liable to pay a vat against your Sold car which is currently rate of Interest is 5%.

Will any one please tell me in which act does it mention the same .
or am i Liable to pay tax along with interest.

RENGARAJ R.K

RENGARAJ R.K (Expert)

12 June 2013 The query is not clear.

You must first tell that whether you are a registered dealer under UP VAT Act or not? Then you must tell that the sale of car is in the name of the firm. Also whether the sale of car (turnover) is reported in the monthly return? Please reply so as to proceed further.

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2013 Yes i am registered dealer under the UP VAT Act.
I have a proprietorship firm in which proprietor owns a car on his name only.
No it is not reported in the monthly return.

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