05 October 2013
suppose company A is hiring its machinery (duly affixed with land) to Company B. Whether Company A has to charge lease tax whicle raising rent invoice for the same ? What will be tax implication if Company A has not charged lease tax whether VAT assessing officer can recover lease tax from Company A while passing the order.
09 October 2013
VAT can be levied on immovable property which is offered on lease where complete control of the asset is of lessee. Further details on machinery is requiered.
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