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whether vat is chargeable on sale of car

This query is : Resolved 
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(Querist)
23 January 2009
Hello Member

Can any one tell me whether VAT is applicable on sale of car in following cases.

a Comany purchase car for Rs. 500000 and paid VAT @12.50% after 15 months company want to sale the same for Rs.300000.

Whether VAT is applicable on sale of car for Rs 300000 if yes at what rate.

also considere at the time of purchase VAT input is not applicable.
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Jitender

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Jitender (Expert)
24 January 2009 yes , it is applicable @12.5%.
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Azmathullah Khan

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Azmathullah Khan (Expert)
24 January 2009 At the time of sale u can avail the VAT, provided u have to submitted form along with monthly return, for which u consult ur ST officer
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N J Ansari

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N J Ansari (Expert)
26 January 2009 VAT is applicable @12.50% under MVAT ACT. It is irrelevant whether input vat credit
is allowed or not at the time of purchase.
Please note no Input VAT credit is allowed
as per MVAT Rules on purchase of Car.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
08 February 2009 Yes.
Answer Of Mr. NJ Ansari is Absolutely Correct.
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