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Will VAT be applicable???

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(Querist)
17 June 2009 Dear experts,

If a company ABC Ltd sells a Vehicle (their Fixed Asset), will VAT be applicable on that sale? Please explain me in this regard.Will the Sale be treated as a sale of scrap?

Thanking you,
Vyshak
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Virendra Chaturvedi

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Virendra Chaturvedi (Expert)
17 June 2009 This sale will be treated as scrap sale and VAT/CST will be charged on the same.
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Nazir

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Nazir (Expert)
18 June 2009 Yes
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CA.Hanumantha Reddy

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CA.Hanumantha Reddy (Expert)
18 June 2009 Yes, the transaction is liable for VAT/CST. In Karnataka rate of tax would be 4% on sale of such cars
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
19 June 2009 Yes, it is taxable @ 12.50% under MVAT Act.

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