VAT ON TRUCK RENTAL INCOME
This query is : Resolved
16 November 2009
ON OF THE MY CLIENT IS REGISTERED UNDER MVAT ACT, 2002. HIS MAIN BUSINESS IS OF MARBLE & GRANITE AND ALSO HE IS EARNING TRUCK RENT FROM ONE PARTY RS.50,000/- p.m. AS PER AGREEMENT MADE. CAN HE LIABLE TO PAY VAT ON TRUCK RENT ?
PLEASE REPLY, THIS IS MY SECOND QUERY I HV ASKED
THANKING YOU
pritu_chandiwal@rediffmail.com
PLEASE REPLY, THIS IS MY SECOND QUERY I HV ASKED
THANKING YOU
pritu_chandiwal@rediffmail.com
16 November 2009
If he is doing the business of running the truck on hire then his taxation is different as that becomes a transportation business and he would be liable to taxes levied on transportation trade. However in case he gives any asset on lease, the VAT is applicable. Previously it was leasing tax. In Maharashtra, transporter is not a dealer for VAT, but those who rent or lease the vehicle are dealers for MVAT.
17 November 2009
possession and control of the truck is given it amounts to sale and vat is applicable
if possession and ocntrol is not given there is no sale therefore vat is not appliable
if possession and ocntrol is not given there is no sale therefore vat is not appliable
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