Karnataka vat on sale of scrap
This query is : Resolved
03 February 2012
Karnataka VAT:
When a Car is purchased for business purpose, whether it is possible to take input VAT credit, if input VAT paid on such purchase?
If such Car is resold, whether dealer should collect and pay output tax? if yes what is the rate under Karnataka VAT?
while purchasing the car if dealer not taken the credit of input tax, whether he is liable to collect and pay output tax on resale now?
When a Car is purchased for business purpose, whether it is possible to take input VAT credit, if input VAT paid on such purchase?
If such Car is resold, whether dealer should collect and pay output tax? if yes what is the rate under Karnataka VAT?
while purchasing the car if dealer not taken the credit of input tax, whether he is liable to collect and pay output tax on resale now?
03 February 2012
Mr.Ganapati
Input tax credit is not allowed on purchase of a motor vehicle as the same is restricted goods under 5th schedule. (For a dealer not in trading of motor vehicle).
However on sale of motor vehicle there shall be VAT payable presently @ 5% under the Karnataka VAT Act, 2003 as the same are goods under KVAT Act, 2003.
Input tax credit is not allowed on purchase of a motor vehicle as the same is restricted goods under 5th schedule. (For a dealer not in trading of motor vehicle).
However on sale of motor vehicle there shall be VAT payable presently @ 5% under the Karnataka VAT Act, 2003 as the same are goods under KVAT Act, 2003.
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
- GST Regis.
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Filing of Form 10BB instead of Filing Form 10B
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
