Sir,
Please clarify us certain points regarding Hire Purchase Transactions under Karnataka Value Added Tax Act.2003.
1.When to charge/pay Output tax on Vehicles sold on Hire Purchase basis. Whether to pay on total consideration receivable from purchaser at the time of delivery of vehicle or on actual installment amount received for a month spread over different months.
2. Accounting treatment in books of accounts for such Transactions.
With regards
SIRSI-581401
9449587566
