Please Help: VAT LIABILITY ON CONTRIBUTION OF EXISTING CAPITAL GOODS
Posted Date : 24-Sep-2014 , 03:31:09 am | Posted By Vijay
Two Proprietary concerns in MP forms a partnership firm & introduce their existing P & M in the new firm as their cap. Contribution Wether the above transaction is liable for VAT TAX OR ENTRY TAX
Category : VAT | Answers : 0 | Comments : 2 | Hits : 293
Answers
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MANISH JAIN
24-Sep-2014 , 10:42:46 amAs per thw Act entry tax is levied at the time of entry of goods into local area in the course of business. Here there is no movement of P&M therefore Entry tax should not be levied.
ayushbhatia
25-Sep-2014 , 10:07:40 amif proprietry transfer by partner ase capital contribute than no tranfer and no sale than no question of arise vat and no entry tax