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Vat on sale of used generator

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1.A casting powder manufacturing company in Andhra Prasdeh sold a used generator and charged Excise duty @ 12.5% and APVAT @ 14.5%, is it correct to charge VAT on such sale?? 2. While calculating Loss or profit on the above sale, what are the sale proceeds to be considered whether it is inclusive of duty & and Tax or Exclusive?? Please resolve the query at earliest Thanks in Advance
Replies (1)

value of sale will be taken exclusive of excise duty, 
cenvat credit of exccise duty have to be reversed @ 2.5% for each quater for use of asset.

 

VAT applicabilty depends on state to state. 


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