VAT payable on sale of asset
This query is : Resolved
CA Santosh Bhagwat
(Querist)
13 July 2011
hello sir
i hv some real query.
i m auditing one partnership firm engaged in transportation business and provides such services. the firm has made sale of some of their trucks during the year. I just want know abt whether the firm is liable to pay vat on sale of asset?
if yes then it dont hv TIN then hw they can pay it? sale amounting to Rs 10 lakhs.
and if not why they r not liable to pay?
i hv some real query.
i m auditing one partnership firm engaged in transportation business and provides such services. the firm has made sale of some of their trucks during the year. I just want know abt whether the firm is liable to pay vat on sale of asset?
if yes then it dont hv TIN then hw they can pay it? sale amounting to Rs 10 lakhs.
and if not why they r not liable to pay?
U S Sharma
(Expert)
14 July 2011
follow state vat rules,
normally invoice value of used vehicles attract 4% vat
normally invoice value of used vehicles attract 4% vat
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