We are taking furniture and other props on hire from a vendor who is charging VAT @ 12.5% on his hire charges. He has mentioned that this is as per Schedule E of MVAT Act, 2002.
Is this correct?
Pls. help!
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VAT under MVAT on Furniture Lease
Replies (1)
If it is a Hire Purchase, then it is Correct,
As per MVAT, the definition of Sales includes deemed sales like Lease, Hire Purchase, etc
& it it is not, then the vendor cant charge VAT on it.
All the goods/commodities which didnt fall under Schedule A to D are covered under schedule E charging the rate of 12.5%
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