VAT or Service Tax
1) if have give Machine on Rent to Mr.X @ per Month Rs.: 30,000 Machine Cost : 1120,000
Point : 1
So as per VAT Act .. under Deemed Sale under Leased Assets i have apply VAT and collect from Mr.X
Point:2
and as per service tax Mr.X turn over is exceed basic limit so he also add service tax in Rent Amount ..
so here both VAT and Service Tax apply ???? please clarify
for rent the limit of payer is irrelevant , but the rent receiptnt limit will be calculated, coz he would be payee.
yes vat and service tax both are applicable
Their is one Dealer (Distributor) of mobile recharge and sim card selling only area which company has given to sell. But his turnover is more than Rs.80 lack.
Tell me that he has to take vat no. for income tax
franchise get discounts on company printed price, and they cant charge vat / service tax etc on recharge coupans, so no need of vat regn, if the only business is sale of recharge coupans.
CAclubindia
