Kailash Mehta (OWNER) (507 Points)
26 December 2012
I want to know that when we sale any used fixed assets,than what is the procedure i have to follow under G Vat , which are the provision applies to that,
praveen
(Chartered Accountant)
(6971 Points)
Replied 26 December 2012
I dont know about GVAT but under Karnataka VAT laws you have to shell out 14.5% on sale of fixed assets irrespective of whether you have claimed input on purchase of the capital asset
CMA RAVI
(ASSISTANT MANGER - FINANCE)
(478 Points)
Replied 26 December 2012
Kailash Mehta
(OWNER)
(507 Points)
Replied 27 December 2012
as i thinking that we have to pay tax as local tax or vat rate applies to the same item
i.e. nothing but sale transaction
MADHUSUDHAN REDDY
(HEAD - FINANCE)
(21 Points)
Replied 12 February 2016
Hi,
Wanted to know MVAT % on Used Assets sale
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