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Purchase of new motor car under buy back scheme

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20 November 2009 Ques: In case of purchase of new motor car under buy back scheme against old motor car and buy back value decided by the company of lumsum amount, whether the VAT Tax payable on buy back value is applicable to pay or not to be paid.
If payable let us know under which Section of MVAT Act.
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
20 November 2009 VAT shoudl be applicable on total amount and not net off amount paid to seller. dont know about section reference
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
21 November 2009 Yes, Mr. Prakash Somani is right. VAT is Applicable on your New Purchase.not Buyback Value of your Motorcar.
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