03 January 2015
I HAVE SOLD MY MOTOR CAR & PURCHASED THE NEW CAR ON WHICH DEPRECIATION WAS CLAIMED BY ME. CAR WAS USED IN THE BUSINESS. MY QUERY IS DO I NEED TO PAY VAT TO THE SALE TAX DEPARTMENT ON THE SALE PROCEEDS OF THE SOLD CAR AND IF YES PLZ EXPLAIN & AT WHAT RATE THE VAT AMT IS TO BE PAID?
04 January 2015
No VAT on sale of 2nd hand car and other capital assets used in business if no input credit taken. [Anand Decors vs. Commissioner Trade & Taxes, High Court Delhi] Please follow this case
04 January 2015
thnku for the reply but the case law which you mentioned is applicable in delhi & not in mumbai i guess. As per delhi vat there is no vat liablity on sale of business car. but as per mvat i have heard from many but not sure there is a vat liabilty. plz clear my confusion.
CAclubindia
