Will VAT be applicable???
This query is : Resolved
17 June 2009
Dear experts,
If a company ABC Ltd sells a Vehicle (their Fixed Asset), will VAT be applicable on that sale? Please explain me in this regard.Will the Sale be treated as a sale of scrap?
Thanking you,
Vyshak
If a company ABC Ltd sells a Vehicle (their Fixed Asset), will VAT be applicable on that sale? Please explain me in this regard.Will the Sale be treated as a sale of scrap?
Thanking you,
Vyshak
Virendra Chaturvedi
(Expert)
17 June 2009
This sale will be treated as scrap sale and VAT/CST will be charged on the same.
CA.Hanumantha Reddy
(Expert)
18 June 2009
Yes, the transaction is liable for VAT/CST. In Karnataka rate of tax would be 4% on sale of such cars
CA Nitin Wadhwani
(Expert)
19 June 2009
Yes, it is taxable @ 12.50% under MVAT Act.
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