Charge of vat on capital goods
This query is : Resolved
04 July 2012
Dear Professionals,
Please consider the case: A person dealing in Textile goods and registered under VAT Law of respective state. He is collecting VAT on normal sale and depositing the same to Govt.
Now, he sold a capital Good (e.g. Furniture). Whether he would be liable to charge VAT on sale of capital good or can sale without charging VAT on such sale. Please answer who has practical exposure, do not answer on the basis of theoretical knowledge. Thanks in Advance...
Please consider the case: A person dealing in Textile goods and registered under VAT Law of respective state. He is collecting VAT on normal sale and depositing the same to Govt.
Now, he sold a capital Good (e.g. Furniture). Whether he would be liable to charge VAT on sale of capital good or can sale without charging VAT on such sale. Please answer who has practical exposure, do not answer on the basis of theoretical knowledge. Thanks in Advance...
04 July 2012
Every consideration associated with sales irrespective. Of one time transaction would be subject to vat
Message likes :
1 times
04 July 2012
Mr Vikas Kundu,
Mr Dayal is correct.Being a registered dealer,when you sell old assets such as vehicles,furniture,machines and even intagible goods like REP licence,exim scrips etc vat liability arises. You have to issue invoices for such sales and collect vat at respective rates and pay along with the vat of other sales...MJK
Mr Dayal is correct.Being a registered dealer,when you sell old assets such as vehicles,furniture,machines and even intagible goods like REP licence,exim scrips etc vat liability arises. You have to issue invoices for such sales and collect vat at respective rates and pay along with the vat of other sales...MJK
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Is online PGCE worth it?
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
