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.
2 Replies
MJ Krishnamurthy
(ACCT(Retd))
(7197 Points)
Replied 05 March 2013
Mr Rajesh
If the value of the furniture left for the risigned employees then only the liability to pay tax arises.However, banks collect vat on the auctioned goods and remit it to the govt even without registration. Under this rule vat is payable for furniture given to the employee. Now the valua of the furniture will be reduced as per an estimate or book value and the vat will be lower.......mjk
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