Rate applicable on Trading Rights
This query is : Resolved
23 July 2008
X Ltd is an entertainment company dealing in purchase and sale of Trade rights of Television serials and Films. These rights are sold and purchased by other entertainment companies who do not have Vat No.
What is the rate applicable to such rights under VAT?
If these rights are sold on contract basis and after the time period of contract is over it comes back to the selling company, then will it be taxable under VAT?
What is the rate applicable to such rights under VAT?
If these rights are sold on contract basis and after the time period of contract is over it comes back to the selling company, then will it be taxable under VAT?
24 July 2008
You have to state your State
19 September 2008
I am having some different opinions regarding taxability of the same. The constitution of India provides right to the state to collect taxes on sale and purchases of goods within the state.
Hence, the word "goods" is to be understood in common parlance only.
Article 366(12)-“goods” includes all materials, commodities,
and articles;
Definition of `goods' as given uses the term `includes', and, therefore, is not exhaustive. Even then, it is only the general meaning commonly given to the term that is to be applied and not the `stretched' meaning endeavored by the Forty-sixth Amendment. In a sale of goods, the goods are the prime consideration while the identities of the sellers and purchasers, the contracting parties, have secondary importance, at times none at all
Hence, the word "goods" is to be understood in common parlance only.
Article 366(12)-“goods” includes all materials, commodities,
and articles;
Definition of `goods' as given uses the term `includes', and, therefore, is not exhaustive. Even then, it is only the general meaning commonly given to the term that is to be applied and not the `stretched' meaning endeavored by the Forty-sixth Amendment. In a sale of goods, the goods are the prime consideration while the identities of the sellers and purchasers, the contracting parties, have secondary importance, at times none at all
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