Poonawalla fincorps
Poonawalla fincorps

Vat on transfer of fixed assets

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(Querist)
02 March 2014 deat experts m query is m client closes his partnership firm and want transfer the fixed assets to his Pvt Ltd Co.so what the effect of VAT in this case
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
03 March 2014 VAT is to be paid on sale of fixed assets. If the assessee has unutlized input VAT, then he can use the same to pay the Output VAT.

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