For an Used Car Dealer who deals maximum cars on commission basis, But some cars he is purchasing in his money but not transfers the name and sells the cars to customer. Does VAT applicable for him?
4 Replies
Puneet Mantri
(CA Final student)
(534 Points)
Replied 02 August 2010
NO. Vat not included. it is given as exemption in VAT chapter.
**KK**
(B.Com. MBA. Pursuing CA & CS)
(255 Points)
Replied 03 August 2010
Hi puneet,
Would you tell me under which section it is exempted?
vishal
(proprioter)
(21 Points)
Replied 03 August 2010
Dear sir pls provide me the Act For Tax on sale of vehicle .As i have sold a car and bike for which the saletax people had issued me a notice to pay 12.5 %tax and penilty during the audit .When we contacted our C.A hesay vehicle purched withen state will not carry tax on resale.Kindly clirify and help me to reply for the notice as my C.A is out of country.This is in A.P HYDERABAD.
rEGARDS
VISHAL
MAHENDRA KUMAR BAGRECHA
(FCA)
(1402 Points)
Replied 06 August 2010
Dear Mr.KK
As per karnataka vat act, vat is applicable on sale of used car and accordingly, person has to collect and pay vat to the department, if he becomes liable to take registration under VAT.
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