One partnership firm taking over all the assets and &liabilities of another propreitership, is any VAT implication will arise for such type of asset transfers or takenovers??????
Muhammed shahal (Articled asst.) (51 Points)
08 June 2012One partnership firm taking over all the assets and &liabilities of another propreitership, is any VAT implication will arise for such type of asset transfers or takenovers??????
Chetan
(Officer)
(112 Points)
Replied 08 June 2012
VAT will be applicable as it is not a transfer but sale. when there is a change in title VTA will be applicable
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