VAT ON SALE OF CAR
This query is : Resolved
16 December 2009
DEAR FRIENDS,
CAN VAT LIABLE ON SALES OF A CAR TO A DEALER WHO IS REGD UNDER MVAT ACT ?
1) IF YES, ON WHICH AMOUNT LIABLITY ATTRACT i.e., SALE VALUE, PROFIT ON SALE OF CAR
2) UNDER WHICH SECTION IT IS APPLICABLE ?
PL. GIVE UR VALUABLE SUGGESION IN THIS MATTER
THANKING YOU,
pritu_chandiwal@rediffmail.com
CAN VAT LIABLE ON SALES OF A CAR TO A DEALER WHO IS REGD UNDER MVAT ACT ?
1) IF YES, ON WHICH AMOUNT LIABLITY ATTRACT i.e., SALE VALUE, PROFIT ON SALE OF CAR
2) UNDER WHICH SECTION IT IS APPLICABLE ?
PL. GIVE UR VALUABLE SUGGESION IN THIS MATTER
THANKING YOU,
pritu_chandiwal@rediffmail.com
17 December 2009
dear pritu,
Kindly remember the basic principle that VAT is a tax on sale of goods. Hence the levy is on the basic charging section i.e. Sec 6 of MVAT Act.
Since the tax is on sale the tax is payable on sale value actually received/ receivable
Kindly remember the basic principle that VAT is a tax on sale of goods. Hence the levy is on the basic charging section i.e. Sec 6 of MVAT Act.
Since the tax is on sale the tax is payable on sale value actually received/ receivable
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