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Vat on sale of asset including motor car

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 February 2013 Can any 1 tell me whether vat is applicable on sale of asset including motor car ? is there any limit for that ? and what is rate of vat is applicable ?
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
14 February 2013 I am of the opinion that there should be no VAT payable on sale of FA as it is one of a transaction and not liable to tax. You can refer to Karnataka High court judgements of 2012 in the case of Kwality Biscuits and Cineplex India
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