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Kailash Mehta (OWNER)     26 December 2012

Vat on sale of used fixed assets

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

praveen (Chartered Accountant)     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

CMA RAVI (ASSISTANT MANGER - FINANCE)     26 December 2012

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

Kailash Mehta (OWNER)     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

MADHUSUDHAN REDDY (HEAD - FINANCE)     12 February 2016

Hi,

Wanted to know MVAT % on Used Assets sale

 

 


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