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Vat on sale of used fixed assets

Kailash Mehta (OWNER) (504 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,
 


 4 Replies

praveen (Chartered Accountant) (6878 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

Better check your state provisions as to what they say in thid regard

Kailash Mehta (OWNER) (504 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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