D.Durga Prasad (CA - Student) (78 Points)
22 May 2008Dear Sirs/Madams
Can any one help me that
We are running a software business(Company). in the year 2006 -2007 we sold the old Fixed assets assets to some one. Please help that any sales tax affected so far if not means give me any statutory Obligation as per the Sales Tax Act.
saravanan
(proprietor)
(71 Points)
Replied 22 May 2008
ANY FIXED ASSETS WILL SOLD, SALE-TAX WILL BE PAYABLE
Srinivas
(accountant)
(222 Points)
Replied 22 May 2008
Azmathullah Khan
(Accounts Manager)
(1386 Points)
Replied 22 May 2008
Any sale of fixed asset sales tax will be applicable., Also u can claim the VAT now, by submitting the purchase invoice to the ST authority., there is some procedure, better consult the ST Office Or any consultant
Azmathullah Khan
(Accounts Manager)
(1386 Points)
Replied 22 May 2008
If Ur query solve, please let me FWD the procedure for claiming the vat., at azmath @ springfieldsschool.com
D.Durga Prasad
(CA - Student)
(78 Points)
Replied 22 May 2008
Dear sir we are service Provider so how we can liable to pay Sales Tax on sale of fixed assets as per the Sales tax act and can you help me that any Exemption on that and give the suggestion as per the Sales tax act and slso code the act and clause and provision
D.Durga Prasad
(CA - Student)
(78 Points)
Replied 22 May 2008
Dear sir we are service Provider so how we can liable to pay Sales Tax on sale of fixed assets as per the Sales tax act and can you help me that any Exemption on that and give the suggestion as per the Sales tax act and slso code the act and clause and provision
biren thakkar
(accounts manager)
(231 Points)
Replied 23 May 2008
Dear All,
This is regarding the query of Mr. D. Durga Prasad ,
First of all sales tax is applicable for the Fixed Assets sold & Tax invoice should be raised from your side to Purchase Party. Also there are no exemption to avois VAT on sales of Fixed Asset, But you can make a set-off against Your Input Tax Credit.
manish
(ca)
(23 Points)
Replied 31 May 2008
what is the last date of furnishing the return of vat of different periods such as of annually, half-yearly,qtrly and monthy.
Thanking you
Tarun Munjal
(Advocate)
(46 Points)
Replied 31 May 2008
VAT Annually = 20 Nov Every Year
TOT Annually = 20 Aug Every Year
VAT Quarterly = 30th/31st of Quarter's next month in Case of Cash Payment of Tax & 20Th In case of cheque.
VAT monthly = 30th/31st of Next Month
If i am some where wrong please correct me..?
Balaji
(Accountant)
(22 Points)
Replied 08 October 2009
Dear Friends, kindly confirm below the doubt.
IS VAT APPLICABLE FOR SALE OF FIXED ASSET BY A COMPANY?
by
Balaji
vikas kumar
(Auditor)
(26 Points)
Replied 27 November 2009
Dear Sirs/Madam,
1. what the treatment when sale of bussiness as whole i.e without assigning value for individual assets in sales tax , VAT in relation to fixed Assets
2. what treatment in relation to inventory if sold alongwith bussiness as whole in sales tax/ VAt, Excise.
please advice on applicability of various laws inrelation to sale of bussiness assets
vivek ananda
(student)
(173 Points)
Replied 28 November 2009
| Originally posted by :Balaji | ||
| " | Dear Friends, kindly confirm below the doubt. IS VAT APPLICABLE FOR SALE OF FIXED ASSET BY A COMPANY? by Balaji |
" |
there will be sales tax on sale of any asset. it could be fixed asset sale or a sale in normal course of business.
Ravirajshet
(Accountant)
(24 Points)
Replied 02 April 2011
@ Azmathullah Khan did you got that procedure to claim ... if you got please mail me ravirajshet @ gmail.com
CAclubindia
