VAT on hire of Movable Asset
This query is : Resolved
Vijay Budhwani
(Querist)
22 November 2007
Dear Members,
Kindly ignore the previous one.
One of our clients wants to purchase machinery and transfer the same to other party on lease. Kindly advice on the VAT implications i.e. VAT will be charged at what rate and schedule entry if any.
Kindly do the needful
Kindly ignore the previous one.
One of our clients wants to purchase machinery and transfer the same to other party on lease. Kindly advice on the VAT implications i.e. VAT will be charged at what rate and schedule entry if any.
Kindly do the needful
CA. O.P. Agarwalla
(Expert)
22 November 2007
Transfer of right to use of movable property is subject to VAT. If your machinery is movable property, the lease rent will attract VAT. The rate of VAT will depend upon the schedules of ur State VAT Act (In Assam it is 12.50%). As regards ITC against the purchases, pl. refer relevant section of your state VAT Act.
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