vat on sale of asstes.
This query is : Resolved
Nikhil oza
(Querist)
21 May 2011
1).
At the time of purchase of fixed assets for business. at that time input vat credit can be availed. if yes then what manner.
2).
at the time of sale of asset, is there any liability to pay vat at the applicable rate. what if asset is sold as scrap is the ans will change?
if the said asset will computer or air-condition.
At the time of purchase of fixed assets for business. at that time input vat credit can be availed. if yes then what manner.
2).
at the time of sale of asset, is there any liability to pay vat at the applicable rate. what if asset is sold as scrap is the ans will change?
if the said asset will computer or air-condition.
B R Ramesh
(Expert)
21 May 2011
Hi
1.you can claim 100% input credit in one shot (no Instalment wise).
2. If the asset is sold as SECOND SALE normal rate of tax is applicable.
even scrap also VAT is applicable.
for computer rate of VAT is 5%
and AC is 14% as per KVAT 2003.
1.you can claim 100% input credit in one shot (no Instalment wise).
2. If the asset is sold as SECOND SALE normal rate of tax is applicable.
even scrap also VAT is applicable.
for computer rate of VAT is 5%
and AC is 14% as per KVAT 2003.
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