hello guyz,
i wanna ask, whether VAT is chargeable on the sale of commodity in commodity exchange like MCX,like sale of pulses or metal,etc.? if it is not chargeable then why is it not chargeable on sale of commodities?
gaurav (trainee ca final and cfa student) (80 Points)
20 March 2011hello guyz,
i wanna ask, whether VAT is chargeable on the sale of commodity in commodity exchange like MCX,like sale of pulses or metal,etc.? if it is not chargeable then why is it not chargeable on sale of commodities?
Pankaj Arora
(Learner)
(3134 Points)
Replied 21 March 2011
VAT is chargeable on physical stock selling but not through MCX Exchange…
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 21 March 2011
MCX trading is not sale / purchase of goods, but its advance contracts, but once exercised it will invite the vat/CST or local taxes liability, unless the contracts are exercised no such tax liability arise.
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