VAT for one time sales

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2011 Hi, One service industry, is transferring the unit and selling the assets, whether VAT need to be registered and VAT is charged for this one time sales invoice.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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28 June 2011 Mr Author,
A service industry is not eligible for registration under a VAT Act in any state.So, taking a registration for a one time sale does not arise. Sale of assets in this case have to be done on a letterhead only and no VAT can be charged.
MJK

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Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2011 Thank you lot..

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Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2011 Some people are telling, scrap sold more than a limit will be vatable..and need to be charged 9167663555