30 April 2012
When goods are freely distributed as advertisements, does the company has to pay VAT on it. For example, in IPL matches Karbonn company gives a tab to a player in every match, does the company will have to pay VAT on such goods?
03 May 2012
Definition of Sales given in many states VAT Act stipulate transfer of property in good from one person to another for cash..other valueable consideration. As there is no consideration involved, i dont think any sales tax is chargeable on the mentioned trasaction. However, please mention the state for better clarity.
04 May 2012
This is not a particular case of any company, this query arose in my mind while watching IPL. I just want to get clarity on the concept of VAT. I tried reading the ACT but din't got satisfaction.
Then companies would show cash sales as advertisements and the cash thus received would directly go in their pockets and government will lose revenue.
CAclubindia
