Dear Friends, We are service company registerd under Service tax. We have sold some of the fixed assets at the time of vacation of rented premises at lumsum consideration of 8 lacs. Can you please help me on out on tax implications on sale of Fixed Assets.
Is there any VAT applicable on one time transaction of sale of Fixed Assets, if Yes what is the procedure to be followed as we are not registered under under any VAT.
what is the rate of VAT to be payable.
Thanks in advance.
CAclubindia
