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Vat on sale of repossessed vehicle

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(Querist)
02 February 2012 One of our client which is a NBFC, use to repossess vehicle. Do it have to pay tax in case it resale repossessed vehicle on which company has only hyphotication.
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
02 February 2012 In my view yes.. the NBFC shall be treated as a dealer and required to obtain registration and also discharge tax. The vehicles repossessed and sold are goods under the VAT act.
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