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Vat on sale of vehicle
Innova Car is exchanged to dealer for purchase of New model of Innova Car. Is Maharashtra VAT liability will be attracted on such exchange? Provided no input credit is taken previously and depreciation is claimed every year.
Replies (1)
Yes, you need to charge VAT and take VAT credit of new car purchased. As the purchase value shall be more than sale so may be NET VAT LIABILITY will be NIL
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