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Madan Mohan (GM)     08 September 2011

Vat for foreclosure

I have taken a vehicle loan from a finance company. After 1 year, now I am planning to foreclose the loan. Foreclosure quotation mentions charging of VAT @12.5% on that outstanding amount.

Is it correct to for applying VAT on the foreclosure. If yes, the 12.5% is t right?

Need expert's advise.

- Madan Mohan

 

 



Learning

 1 Replies

R K JAIN (Advocate)     07 November 2011

VAT is applicable on sale value and not on any other value.


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