CAclubindia

MJ Krishnamurthy's Expert Profile

Queries Replied : 1703

About me

I am a retired Assistant Commisioner of Commercial Taxes of Karnataka. I retired in 1998 at the age of 58.During this service I tried to go in detail about sales tax laws. Immeadiately after retirement some companies wanted to retain me as their consultant. That is how my touch with the subject of VAT laws continued.The website of CAclub india is giving a good opportunity to share my knowledge with others. I am an exserviceman from IAF. So, Iam a little different from other taxmen. We should do some service to the community that has offered us so much, That is my purpose.....Bye.

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ishensur says : VAT on one time Sale
Dear Sir, We are transacting old furniture (selling from one to unit to another). Is it liable for VAT? If not, please read follow up scenario. We have already charged the other party VAT in this transaction. Is it mandatory for us to deposit it to VAT Department or we just keep the taxed amount with us and book as part of sale of furniture etc or return to the party in good faith? We are worried about the liability hence VAT is charged in first place. Please advise.

Manjunath DS says : VAT or COT
Dear Sir, I run a clinic and have planned internal pharmacy in Karnataka. What kind of CTO registration i have to do for purchase and sale of medicines.. My turn over per annum will be 10-12lakhs.. I may have to purchase some medicines in other states also..Pl. guide me whether to go for VAT or COT.. what is the basic difference between the two.. Thanku DrManjunath