Applicability of VAT
This query is : Resolved
12 July 2011
The Assessee company is in business of manufacturing & selling lubricated Condoms. If the company sells its owned Car(Merc) for Rs. 35 Lacs which was acquired two years back for Rs. 95 lacs.
Is the asssessee liable to pay VAT/Sales tax on the transaction of selling the car???
Is the asssessee liable to pay VAT/Sales tax on the transaction of selling the car???
12 July 2011
No, VAT/Sales tax is not applicable on sale of its car
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