SALE OF OLD VEHICLE
This query is : Resolved
22 August 2008
SIR
I WANT TO KNOW THAT "WHETHER THE VAT APPLICABLE ON SALE OF OLD VEHICLE" IN SERVICES SECTOR COMPANY.
MY CA HAS SAID THAT VAT WILL BE APPLICABLE ON SALE OF OLD VEHICLE. HOWEVER THE COMPANY DID NOT CHARGE THE VAT ON SALE OF OLD VEHICLES AS YET.
I WANT TO KNOW THAT "WHETHER THE VAT APPLICABLE ON SALE OF OLD VEHICLE" IN SERVICES SECTOR COMPANY.
MY CA HAS SAID THAT VAT WILL BE APPLICABLE ON SALE OF OLD VEHICLE. HOWEVER THE COMPANY DID NOT CHARGE THE VAT ON SALE OF OLD VEHICLES AS YET.
22 August 2008
If old vehicle is their Asset.. then the VAT is not applicable..
VAT is applicable for sale of goods
VAT is applicable for sale of goods
24 August 2008
VAT is applicable on sale of goods whether capital or otherwise. On sale of old vehicles , the seller comes within the purview of the definition of Dealer
25 August 2008
It depends on state to state. Recently there was judgement that VAT shall not be applicable. But the DEpartment sometimes take diferrent stand. But especially in case of cars, if you can show tha Car was originally purhcases after paying VAT, than under Reverse VAT mechanism , VAT can not be charged on reduced Value.
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