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Vat on lease and hire- purchase

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(Querist)
03 March 2010 Hi all,

Is VAT applicable on lease of asset....if applicable when we have to pay and on what amount...Every month on lease installment or at the inseption of lease on the total amout....in the same way on hire purchase also...pls clarify...
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CA Umesh Sharma

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CA Umesh Sharma (Expert)
04 March 2010 As per section 2(24)of MVAT Act,2002, tax is payable on lease.Tax is levaible on Lease amount of each installment on receipt basis.Its is also applicable on hire purchase aggrement also.
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