ITC CREDIT UNDER YNVAT ACT, VAT + CST

[Rajkumar Sethiya]

ITC CREDIT RULES UNDER TNVAT ACT FOR TAKE OVER OF A RUNNING CONCERN BY THIRD PARTY OR SON AND RUNNING THE SAME UNDER NEW REGISTRATION

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[Ganeshan Kalyani]

The respective States' VAT law is silent on whether VAT is liable to be paid on buying/selling a company on slump sale basis. However, there are case laws which states that buying / selling a concern on slump sale is not a regular business activity and hence VAT shall not be applicable on slump sale. However if VAT is charged on such transaction then in my view Input Tax Credit should be allowed to the assessee buying such concern on a slump sale basis . Thanks .