Vat on Transfer of business Assets
This query is : Open
CA.SHAHZAD SAYYED
(Querist)
16 March 2011
Dear Colleagues
can any body clear me about
whether Vat/Sales Tax is attracted on Transfer of Business Assets when there is a conversion of Proprietorship Firm into Partnership Firm, pls give me some case law or section or rule reference
Thanks in anticipation
can any body clear me about
whether Vat/Sales Tax is attracted on Transfer of Business Assets when there is a conversion of Proprietorship Firm into Partnership Firm, pls give me some case law or section or rule reference
Thanks in anticipation
Anand Agarwal
(Expert)
16 March 2011
Hi
If you transfer business as a whole then VAT would not be applicable. But in that case u need to take some precautions. Make sure that all the assets and Liability get transfer to new entity. Again dont assign individual value to any of the assets.
If you transfer business as a whole then VAT would not be applicable. But in that case u need to take some precautions. Make sure that all the assets and Liability get transfer to new entity. Again dont assign individual value to any of the assets.
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