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Asset Sold
If a logistic company sells his asset(truck or say some cylinders) which it has purchased along with vat tax and claimed the input of credit, than if it sells the truck or cylinder with loss than what would be the implication on Vat??
Replies (1)
Reshma,
Please note that VAT is due to be paid on the entire sale proceeds. Hence Output VAT is payable on the entire sale proceeds while Input Tax credit is available on the purchase price.
Regards
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