Vat on rent
This query is : Resolved
03 June 2016
Dear sir/mam,
I am doing internal audit of a Ltd. co..
During vouching of jobwork expenses, i found an invoice in which company has taken a machinery on rent for which prior agreement is there.
In the bill vat is charged on the amount of rent.
I think vat should not be charged on rent as it is not a sale.
Please suggest me in above whether its correct or incorrect?
I am doing internal audit of a Ltd. co..
During vouching of jobwork expenses, i found an invoice in which company has taken a machinery on rent for which prior agreement is there.
In the bill vat is charged on the amount of rent.
I think vat should not be charged on rent as it is not a sale.
Please suggest me in above whether its correct or incorrect?
03 June 2016
Yes, VAT should not be charged on rent of properties.
Message likes :
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03 June 2016
May it be covered in deemed sale?
16 October 2021
No, its not deemed sale, service tax should have been charged.
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