Vat on fixed asset - car
This query is : Resolved
Prashant Patil
(Querist)
22 December 2014
Dear All
My client has exchanged his old car for Rs.300,000 and purchased new car for Rs.725,000.
Whether he is required to pay tax on sale of car (exchange) under MVAT Act?
Thank you,
My client has exchanged his old car for Rs.300,000 and purchased new car for Rs.725,000.
Whether he is required to pay tax on sale of car (exchange) under MVAT Act?
Thank you,
Ketan Shah
(Expert)
23 December 2014
In case of registered dealer the said assessee is liable for paying vat on sales. Sales includes goods in trade and any other item sold by dealer.
Prashant Patil
(Querist)
29 December 2014
He is dealer of taxfree goods cloth and the said car is exchanged.
Ketan Shah
(Expert)
31 December 2014
Whether your dealer is registered under MVAT or not?
Prashant Patil
(Querist)
31 December 2014
Yes he is.
Ok I understand
Tahnks
Ok I understand
Tahnks
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