Would VAT be applicable/charged on the sale of gunny bags, drums, etc (old & used)?
Please describe your answers.
3 Replies
RAJU
(LEARNER)
(1089 Points)
Replied 26 November 2009
Hi,
Yes. VAT is applicable on sale of gunny bags, drums etc.,
VAT is a levy on sale of goods and is primarily governed by Sale of Goods Act. Goods have been defined to include all kinds of movable properties (other than news papers, shares etc.,). The VAT law of various States provide for Schedules giving therein the rate of VAT applicable on the goods including those exempt from VAT. Hence, all immovable properties other than those specifically exempted under the VAT provisions are liable for VAT.
Hope you have been clarified.
CA Manish Tarwani
(Officer - Taxation)
(47 Points)
Replied 07 December 2009
yes , the above goods is covered in the declared goods unde MVAT 2002
BALKRUSHNA KULKARNI
(SR. INTERNAL AUDITOR)
(38 Points)
Replied 07 January 2015
Sir, if as a seller of old gunny bag, can we raise our invoice inclusive ( vat inclusive basis?)
Recent Topics
- Upload of qualified audit report on MCA portal
- Form 26QB on multiple installment
- Is Offering Group Health Insurance Worth It for Sm
- Export of services documents
- AOC4 & CFS,STANDALONE separately
- Gratuity Trust for IT company
- Rule 86B on utilisation of ITC
- GST Notice U/S46
- Download of list of eWay bill of inward supply
- GST Registration & ITC Eligibility
Related Threads
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
