Is VAT applicable when a machinery r other capital good is taken on hire..???
If so what is the rate of VAT????
CA vinod
(Chartered Accountant)
(518 Points)
Replied 27 July 2013
Applicability of VAT or Service Tax on hire is based on the nature of the hire. If control, risk etc are alos transfered alongwith posession VAT will applicable, otherwise Service tax will applicable. Ex. For hire of DG sets - VAT applicable , Cranes : Service tax
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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