Please Help: VAT LIABILITY ON CONTRIBUTION OF EXISTING CAPITAL GOODS
Posted Date : 24-Sep-2014 , 03:31:09 am | Posted By: Vijay
Category :
VAT | Answers :
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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 |
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| Posted By : Ayushbhatia |
25-Sep-2014, 10:07:40 |
| if proprietry transfer by partner ase capital contribute than no tranfer and no sale than no question of arise vat and no entry tax |
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| Posted By : MANISH JAIN |
24-Sep-2014, 10:42:46 |
| As 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.
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