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VAT rate to be applied

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CA FINAL
151 Points Posted on 29 January 2010
Hi frds..... Plz tell me the rate of vat to be applied in case of sale of second hand car to a second hand car dealer.........
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On 29 January 2010 at 14:47 Report
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Chartered Accountant
532 Points Posted on 29 January 2010
you are not required to charge vat on secondhand car as it is not your regular business since car is a capital asset
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On 29 January 2010 at 16:51
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hello sandeep mishra u only charge vat on those items which specified in ur registration if u registered for selling watches u cant apply vat on car it is ur assest and ur just sellling the car

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On 30 January 2010 at 11:32
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Service
345 Points Posted on 30 January 2010

you have to charge vat on sale of car on the specified rate as per act and vat rate is 12.50%

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On 30 January 2010 at 15:25


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