If a Non-dealer person (say for ex. a Doctor) sells any of his Capital Assets like car, furniture, equipments etc. and the sale value goes beyond Rs. 5 Lakhs (Mimimum Turnover for Compulsory Registration under MVAT).
1. Does this transaction attracts a VAT liability for the Non-dealer person ?
2. Is he required to get the TIN ?
3. If yes, is not a hardship on such person as he is not at adding any value still have to pay VAT ? Because he is not even able to claim Input Tax Credit paid by him at the time of purchase when he was registered under MVAT.
Please suggest.
CAclubindia
