10 December 2008
If ABC Ltd is a service rendering company no liable to pay VAT sells a fixed asset then does it have to charge VAT to the purchaser ? ( At the time of purchase of the fixed asset the VAT on purchase price was capitalized forming part of the cost)
10 December 2008
Under Karnataka VAT Act as per Rule 3(2)(g) the amount realised by sale by a dealer of his business as a whole is not includible in computation of taxable turnover.
The status of KVAT is as above. You have to refer your states Act.
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