Please tell me whether VAT is attracted on sale of Fixed Asset which is in the books of a firm in TAMILNADU. If so at what rate? and Why is it attracted & Is it Applicable even for Sole Proprietory Firms? Pls Help
2 Replies
Harpreet
(* * * * * *)
(1670 Points)
Replied 03 August 2010
Yes
Vat applicable on sale of fixed assets. Existing Rate of Vat will be charged on that asset like Vat on Plant & machinery @ 4% then you will charge 4% vat on sale amount. But applicable on sole proprietor ship firm you have to wait for another reply on this.
obeid
(learner)
(292 Points)
Replied 08 August 2010
Only on the profit on sale of assets VAT has to be paid. i.e. VAT on difference of sale and book value of asset. It is applicable for every registered dealer including Sole-propreitor
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