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Applicability of vat on transfer of moveable property

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 November 2011 A proprietorship concern wills to convert into a company.The assets also have to be transferred.
Will VAT be chargeable on transfer of immoveable & moveable assets?

And what rates?
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
14 November 2011 Mr. Author,
Here sale of business as a whole is involved. In most of the states sale of business is exempt from VAT.Moveable and immoveable assets also go with the sale of business itself and get exempt.
MJK
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
14 November 2011 Mr. Author,
Here sale of business as a whole is involved. In most of the states sale of business is exempt from VAT.Moveable and immoveable assets also go with the sale of business itself and get exempt.
MJK
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