Vat return
This query is : Resolved
26 April 2014
IS A BUSINESS CAN ALSO CHARGE VAT ON SALE OF ASSETS ALSO ALONGWITH SALE OF GOODS. IF YES WHAT WILL BE THE RATE OF VAT. IS IT SAME RATE AS CHARGED BY A PERSON WHO IS DEALING IN SUCH GOODS WHICH ARE SOLD AS ASSETS.HOW THIS SALE OF ASSET ON WHICH VAT IS RECEIVED IS DISCLOSED IN VAT RETURN .IN WHICH LS IT WILL BE TAKEN.
27 April 2014
the sale of assets
if it is a plant & machinery
at the time of purchase we have to take credit on vat on pur of plant & machinery
now we have to sold the same
then we have to collect the vat on sale of assets also
pls see the vat site for tax rates
if it is a plant & machinery
at the time of purchase we have to take credit on vat on pur of plant & machinery
now we have to sold the same
then we have to collect the vat on sale of assets also
pls see the vat site for tax rates
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