14 February 2013
Can any 1 tell me whether vat is applicable on sale of asset including motor car ? is there any limit for that ? and what is rate of vat is applicable ?
14 February 2013
I am of the opinion that there should be no VAT payable on sale of FA as it is one of a transaction and not liable to tax. You can refer to Karnataka High court judgements of 2012 in the case of Kwality Biscuits and Cineplex India
CAclubindia
