fixed asset(car) has been sold by a manufacturing co..is it has to pay vat on it ??
fixed asset(car) has been sold by a manufacturing co..is it has to pay vat on it ??
| Originally posted by : ISHAN RASTOGI | ||
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fixed asset(car) has been sold by a manufacturing co..is it has to pay vat on it ?? |
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VAT will not apply on Fixed assets. If the company line of business is sell of Cars than it will not be a fixed asset. It is their stock which is converting into sales /revenue. Than VAT will apply as per state laws.
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