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Vat on sale of old car

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(Querist)
04 December 2013 Wil VAT b aplicable on sale of an old car, though selling of car is not d buz of co. ??
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Manish Bhandari

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Manish Bhandari (Expert)
04 December 2013 As per MVAT if the assets is used for the use of company then Vat will have to be collected & paid on sale of that asset. Purchase of asset is part of turnover under the vat act.
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Diksha Sukhija

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Diksha Sukhija (Querist)
04 December 2013 How much vat must be colleced and paid???
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Diksha Sukhija

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Diksha Sukhija (Querist)
04 December 2013 How much vat must be colleced and paid???
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Manish Bhandari

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Manish Bhandari (Expert)
04 December 2013 MVAT rate 12.5% on sale. If sale is inclusive reverse calculate the liability of 12.5% and pay.

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