07 December 2013
under the OTS scheme bank sells the plant and machinery of the company to another company. The borrower company machines are all imported machines.Is vat tax central excise duty applies to the sales made by the banker under surfaeci ACT.Who is liable to pay? Is it banker or purchaser or borrower. The borrower also imported all the machines under EPCG scheme,under such circumstances what will be the status of EPCG obligation?please advice
08 December 2013
Under whatever scheme when a banker sells a seized movable property, it has to collect vat and pay to the govt.Other matters may be explained by concerned experts.....mjk
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