applicability of vat
This query is : Resolved
24 April 2009
please advise whether we could transfer the spare part to other company books through journal entry and wheter vat is applicable on such transfer or not
24 April 2009
If you are booking entry into your books then there is a clear indication that you sold it. Also you will book entry for receipt of payment.
So i think VAT should be there.
So i think VAT should be there.
24 April 2009
If you are transferring spare parts to other company it will be treated as sales and VAT will be applicable on it. You must raise an invoice also.
30 April 2009
You have to pay VAT on the above transfer and you have to raise VAT Invoice for the said transaction
17 May 2009
please clarify the legal standing of the recipient company, whether its the same company or it is a separate legal entity.
also state the reason for such transfer.
and whether you have availed input vat credit.
If not availed nothing is required to be paid, or just reverse the input vat credit in your books equally
also state the reason for such transfer.
and whether you have availed input vat credit.
If not availed nothing is required to be paid, or just reverse the input vat credit in your books equally
06 April 2015
Dear Dayal,
I agree with you. I will be highly thankful to you if you can provide a case law regarding this case. I need the same in an appeal similar to this case.
I agree with you. I will be highly thankful to you if you can provide a case law regarding this case. I need the same in an appeal similar to this case.
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