Second hand computer

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..... Second hand computer
Query (Issue) Started By: - Ankit Bhansali Dated:- 21-1-2017 Last Reply Date:- 24-1-2017 VAT + CST
Got 8 Replies
VAT / Sales Tax
Service provider client has purchased computer and used it for the company. they have not taken any input vat credit on it. Now they want to give the computer to the Retiring employee, Is they liable to charge VAT on the Second hand La .....

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..... ptop. Reply By YAGAY AND SUN: The Reply: VAT @ 6% would be chargeable on the transaction value of the invoice on sale of computer. Reply By MARIAPPAN GOVINDARAJAN: The Reply: Yes, VAT is applicable. Reply By Ankit Bhansali: The Reply: Can you give us the relevent section. Reply By Ganeshan Kalyani: The Reply: Computer falls under Schedule C of Maharashtra Value Added Tax Act, accordingly .....

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..... the rate of tax is 6%. Reply By Ankit Bhansali: The Reply: Can we claim input tax credit on the purchase of computer. We have purchased the computer on MRP used it and than sale to the staff. Also how to pay the VAT of last year , If we have taken the number in current year. Reply By YAGAY AND SUN: The Reply: If not earlier charged and paid then you would have to pay it along with applicable .....

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..... interest @ 18% now. Reply By Ganeshan Kalyani: The Reply: In Maharashtra the input credit on the item debited to P&L is eligible for credit. However the principal of in or in relation to manufacturing of goods is significant. Whether your main activity is selling computer. You may take a call now. Reply By YAGAY AND SUN: The Reply: Please also check the definition of Goods as well as sale u .....

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..... nder GVAT Act.
Discussion Forum - Knowledge Sharing .....

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