Sales tax on fixed assets sold

This query is : Resolved

Prashant (Querist)
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05 January 2013 We have sold Company furniture & airconditioner to our CEO while leaving the organisation & raised sales invoice on him.Should we charge vat on his sales bill.If yes what will be the %

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Guest (Expert)

06 January 2013 06.01.2013

Dear Prashant,

The higher of VAT @ 12.5% or the VAT rate prevalent in the State of sale is chargeable in the sale invoice.

Thanks and regards,
For P S Chavan & Co.,
Chartered Accountants

FCA Prashant Chavan
Mumbai-prashant.pscl07@gmail.com