VAT ON TRUCK RENTAL INCOME
This query is : Resolved
16 November 2009
ON OF THE MY CLIENT IS REGISTERED UNDER MVAT ACT, 2002. HIS MAIN BUSINESS IS OF MARBLE & GRANITE AND ALSO HE IS EARNING TRUCK RENT FROM ONE PARTY RS.50,000/- p.m. AS PER AGREEMENT MADE. CAN HE LIABLE TO PAY VAT ON TRUCK RENT ?
PLEASE REPLY, THIS IS MY SECOND QUERY I HV ASKED
THANKING YOU
pritu_chandiwal@rediffmail.com
PLEASE REPLY, THIS IS MY SECOND QUERY I HV ASKED
THANKING YOU
pritu_chandiwal@rediffmail.com
16 November 2009
If he is doing the business of running the truck on hire then his taxation is different as that becomes a transportation business and he would be liable to taxes levied on transportation trade. However in case he gives any asset on lease, the VAT is applicable. Previously it was leasing tax. In Maharashtra, transporter is not a dealer for VAT, but those who rent or lease the vehicle are dealers for MVAT.
17 November 2009
possession and control of the truck is given it amounts to sale and vat is applicable
if possession and ocntrol is not given there is no sale therefore vat is not appliable
if possession and ocntrol is not given there is no sale therefore vat is not appliable
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Form 121 & TDS deduction
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Invoice V/S Goods receipt Note Date
- Regarding appeal to GSTAT
- ITR U for F.Y-2024-2025 From Yesterday
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
