Vat impact - Capital asset without any profit

[Rahul Bagaria]

As an unregistered dealer in states of Punjab & Haryana if any sale is mamdeof Capital assets without any profit, what will be the tax impact from VAT point of view.DO the company needs to register it sellf and pay taxes if any

[Markesh Antony]

Sale of goods is subject to VAT. Profit motive or no profit motive does not alter the siutation. Even a chartiable institution would be liable to pay vat if engaged in trading activity.

AI Summary

Sale of goods subject to VAT: tax liability and registration obligations arise even without a profit motive. Sale of goods is subject to VAT; profit motive or no profit does not alter taxability. An unregistered person engaged in taxable sales must consider registration and VAT compliance. Charitable institutions engaged in trading activity are similarly liable and cannot avoid VAT solely because transactions produce no profit or are for non-profit purposes.