Is VAT applicable on lease of asset....if applicable when we have to pay and on what amount...Every month on lease installment or at the inseption of lease on the total amout....in the same way on hire purchase also...pls clarify...
04 March 2010
As per section 2(24)of MVAT Act,2002, tax is payable on lease.Tax is levaible on Lease amount of each installment on receipt basis.Its is also applicable on hire purchase aggrement also.
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