Vat on sale of repossessed vehicle
This query is : Resolved
02 February 2012
One of our client which is a NBFC, use to repossess vehicle. Do it have to pay tax in case it resale repossessed vehicle on which company has only hyphotication.
02 February 2012
In my view yes.. the NBFC shall be treated as a dealer and required to obtain registration and also discharge tax. The vehicles repossessed and sold are goods under the VAT act.
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