Hi,
If a prop firm deals in a tax free goods(i.e cloth) having no Vat no., sell a part of its used machinery. weather vat is payable on the sale value of the used machinery.
what is the Vat Treatment in this case.
Thanks & Regards
Deepak
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Vat on sale of machinery
Replies (1)
Mr D Narula,
In this case if the total sale value of the machines exceeds the minimum threshgold limit for registration,(Rs 5 lakhs in Karnataka)then tax liability arises on the whole receipts at the rate applicable in your state.You have to issue invoices for such sales,collect VAT and declare in the returns. The input tax,if any applicable can be deducted also.......MJK
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