Vat on used furniture

rajesh (senior manager) (24 Points)

04 March 2013  

an employee of a PSU bank submitted resignation. Does he need to pay VAT on retention of furniture provided by his bank ? if so is it not double taxation ? since the bank already paid VAT while acquiring the furniture for usage of the employee ? note there is no option for the employee who is going to resign except retention of the furniture for full value in addtion VAT etc.