Vat apllicability

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Student CA IPC / IPCC
151 Points Posted on 10 March 2014

Hello everyone.

I've got a doubt regarding VAT applicability. Pls help me with this.

Suppose in my company the stock has not been used for a long time . I decide to dispose it by three methods- One, Scrap it. Two, Sell it at a price lower than purchase price. And three, treat it as damage.

My doubt is what will be the VAT applicability in all these cases.?

Thanks in Advance.

 

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On 10 March 2014 at 21:54 Report
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Head Of Department (Accounts & Finance)
1479 Points Posted on 10 March 2014
Varun in first two case you have to pay off the vat liability and should pay tcs also in sale as scrap. And in the third case the vat liability will be nill and may be you have to reverse the vat input in the same. Regards
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On 10 March 2014 at 22:24

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