If a unit who is engaged in production and selling of bricks decides to give the unit on lease to another entity then shold it file the VAT retun.As the the company will not make any purchase or sales and only share the revenue with the Lesse, who will file the return?
3 Replies
ACCOUNTANT
(Student)
(559 Points)
Replied 19 November 2011
Probably it is to be done only by the lessee entity because..........lease transaction wont come under vat.......so the entity which is undertaking the operations would only be liable to complete the necessary compliances........(pl correct me if im wrong)
ACCOUNTANT
(Student)
(559 Points)
Replied 19 November 2011
Probably it is to be done only by the lessee entity because..........lease transaction wont come under vat.......so the entity which is undertaking the operations would only be liable to complete the necessary compliances........(pl correct me if im wrong)
Shankar Reddy.V
(Proprietor)
(21 Points)
Replied 21 November 2011
if the lease value is more than 5 lacs per year, you need to get registration under VAT and file returns and pay tax on lease rentals(Ref.to section 2 (29) d of KVAT Act
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