CA J.Alamelu lakshmi (Chartered Accountant) (852 Points)
19 November 2011Can someone post the notification from the TNVAT act regarding "sale of old machinery which had suffered tax during purchase under TNGST".
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 24 November 2011
Dear Alamelu,
The machinery purchased during the TNGST regime and sold during VAT regime, it is to be taxed at the appropriate rate of 4%. Since it is purchased during TNGST regime the input credits are not allowed.
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