Vat on sale of old car
This query is : Resolved
Diksha Sukhija
(Querist)
04 December 2013
Wil VAT b aplicable on sale of an old car, though selling of car is not d buz of co. ??
Manish Bhandari
(Expert)
04 December 2013
As per MVAT if the assets is used for the use of company then Vat will have to be collected & paid on sale of that asset. Purchase of asset is part of turnover under the vat act.
Diksha Sukhija
(Querist)
04 December 2013
How much vat must be colleced and paid???
Diksha Sukhija
(Querist)
04 December 2013
How much vat must be colleced and paid???
Manish Bhandari
(Expert)
04 December 2013
MVAT rate 12.5% on sale. If sale is inclusive reverse calculate the liability of 12.5% and pay.
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