I keep getting conflicting views. My company is in the software business. They had bought cars for senior managers and now after 3 years have givne them the option to buy them. Will VAT be payable on the profit of the sale of fixed asset?
What is set off against input credit? let me also let you know that the car was bought in UP and is being sold in Maharashtra subsequent to the transfer of the manager to Pune. A manager who bought the car in UP had to pay 4% on wdv of the car whereas I have to pay 12.5% of wdv in Pune
Please help
CAclubindia
