If M/s A is registered dealer having TIN no for carrying its business of Preparing & selling Food items. In FY 2009-10, it sold a Generator (Fixed Assets) to one of the Pvt. Ltd. Co., Should M/s A charge a VAT on selling of Generator?
Shraddheya (Sr. Accounts Executive) (41 Points)
03 January 2011If M/s A is registered dealer having TIN no for carrying its business of Preparing & selling Food items. In FY 2009-10, it sold a Generator (Fixed Assets) to one of the Pvt. Ltd. Co., Should M/s A charge a VAT on selling of Generator?
Pankaj Arora
(Learner)
(3134 Points)
Replied 03 January 2011
I think u should not charge vat on selling of fixed assets because It does not come under trading business.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
CAclubindia
