hello guyz,
i wanna ask, whether VAT is chargeable on the sale of commodity in commodity exchange like MCX,like sale of pulses or metal,etc.? if it is not chargeable then why is it not chargeable on sale of commodities?
2 Replies
Pankaj Arora
(Learner)
(3134 Points)
Replied 21 March 2011
VAT is chargeable on physical stock selling but not through MCX Exchange…
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 21 March 2011
MCX trading is not sale / purchase of goods, but its advance contracts, but once exercised it will invite the vat/CST or local taxes liability, unless the contracts are exercised no such tax liability arise.
Recent Topics
- SECTION 148 PROCEEDING
- GST AUDIT 01 - NOTICE
- Capital gain purchase date
- Transmission of deceased's shares in physical form
- Income tax notice but unable to file updated retur
- Income tax depreciation deductions
- GST Notice (Under Section 73)
- Asset Declaration in ITR2 for flat purchased in jo
- Active pan but invalid
- SECTION 128A For those who filed appeal and order
Related Threads
Trending Online Classes
-
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
Mr.Balamurugan Ranganathan13 March 2025
CAclubindia
