Vat should be charged on sale of fixed Assets
This query is : Resolved
05 December 2008
Vat should be charged on sale of fixed Assets, if at the time of purchase of assets we have not taken credit of sales tax.
whether sales of fixed assets levy of tax
whether sales of fixed assets levy of tax
05 December 2008
VAT SHOULD NOT BE CHARGED ON SALE OF FIXED ASSETS -
Vat is charged on the goods which are sold in normal course of business.
According to AS 10 'Fixed Asset' is an asset held with the intention of being used for the purpose of producing or providing services and is not held for the sale in the normal course of business.
Vat is charged on the goods which are sold in normal course of business.
According to AS 10 'Fixed Asset' is an asset held with the intention of being used for the purpose of producing or providing services and is not held for the sale in the normal course of business.
05 December 2008
VAT is chatgeable on sale of fixed assets irrespective of the fact that credit is taken or not.
and as -10 got no implication in it as this is governed by state tax laws.
and as -10 got no implication in it as this is governed by state tax laws.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
