05 November 2008
I want to know that if partnership firm give machinery on lease for one year period then what are the implication of VAT & Service Tax. what are the rate of vat & service tax for applicable for this.
05 November 2008
Hi Vandana, If the right to use has not been encumberred you are liable to charge VAT. Once it falls under the VAT you are not liable to charge Service Tax.
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