Please Help: VAT
Posted Date : 04-Jul-2012 , 12:41:54 am | Posted By Vikas Kundu
Dear Professionals,
Please consider the case: A person dealing in Textile goods and registered under VAT Law of respective state. He is collecting VAT on normal sale and depositing the same to Govt.
Now, he sold a capital Good (e.g. Furniture). Whether he would be liable to charge VAT on sale of capital good or can sale without charging VAT on such sale. Please answer who has practical exposure, do not answer on the basis of theoretical knowledge. Thanks in Advance...
Please consider the case: A person dealing in Textile goods and registered under VAT Law of respective state. He is collecting VAT on normal sale and depositing the same to Govt.
Now, he sold a capital Good (e.g. Furniture). Whether he would be liable to charge VAT on sale of capital good or can sale without charging VAT on such sale. Please answer who has practical exposure, do not answer on the basis of theoretical knowledge. Thanks in Advance...
Category : VAT | Answers : 0 | Comments : 1 | Hits : 182
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Krishna Chandra Santi
04-Jul-2012 , 02:25:03 pmPlease clarify whether the capital good is purchased by the dealer (the person who is selling the good) for consumption or trading purpose? If for consumption purpose then VAT cannot be charged separately. If for trading purpose VAT may be charged to avail credit, in case if VAT paid at the time of purchase. If VAT is not paid at the time of purchase, it is desirable not charge vat separately while selling.