Kannan Iyappan (Company Secretary) (1496 Points)
04 August 2011Dear Members
Kindly help me out in finding answer for this query .... Urgent Pls.
If a unit closed and having some asstes in custody and planning to sell the same but VAT Registration surrendered by them. Is it possible to pay the VAT by the buyer. Or any other way on this.
Thanks in advance ... Kindly reply friends....
Kannan
Kannan Iyappan
(Company Secretary)
(1496 Points)
Replied 04 August 2011
Urgent ... any sales tax expert help me out
Thanks / Kannan
Nitin Grover
(CS)
(1228 Points)
Replied 06 August 2011
Dear Sir
You have to Pay the VAT on this by writing letter enclosed with proof.
Purchaser can not take VAT Input Claim because of you can not give him Tax Invoice.
You may be panelised also because of you surrendered your number by having Assets.
Feel free to ask any further query relates with VAT, ROC, Income Tax, etc or work
Regards
CS Nitin Grover
+91-9582009494
Kannan Iyappan
(Company Secretary)
(1496 Points)
Replied 06 August 2011
Thanks Nitin
We should not surrender the TIN unless sold all the material( Stock & Assets ).
Kindly help me out in the pocedures.
Thanks / Kannan
Nitin Grover
(CS)
(1228 Points)
Replied 07 August 2011
yes sir exactly
or you should pay tax during surrender of RC becaue of you are having Tax.
now sell your Assests in previous date by this buyer can also take input claim and deposit tax with interest to the VAT Authority.
or pay tax now (buyer can not take Input VAT Claim)
Regards
Kannan Iyappan
(Company Secretary)
(1496 Points)
Replied 08 August 2011
Is there any way for the Buyer to pay tax & avail credit like Purchase Tax or like wise.
Thanks / Kannan
Nitin Grover
(CS)
(1228 Points)
Replied 08 August 2011
Dear Sir
Sale this Assets (date before surrender the Assests) and he can claim the input and you have to pay only interest on Tax Amount.
Regards
CAclubindia
