15 February 2013
we purchased a car in our company and sold out after 5 years. we did not claim input tax credit on car so my question is that whether out put tax is chargable on sale and if yes then input tax credit is available that has been paid on purchase...
15 February 2013
Input tax VAT paid on purchase of motor car is not eligible input and is restricted (say eg. 5th schedule in Karnataka VAT).. however output tax may be payable on sale as the same is goods for VAT purposes.
CAclubindia
