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VAT - Highlights / Catch Notes

Home Highlights October 2015 Year 2015 This

Levy of sales tax on banks - Dealer or not - whether a bank, ...

VAT and Sales Tax

October 13, 2015

Levy of sales tax on banks - Dealer or not - whether a bank, which holds hypothecation of vehicles in their favour, would be a dealer within the definition of the expression under Section 2(15) of the Act, merely because the bank seizes and repossesses the hypothecated vehicle and brings it to sale through public auction - Held Yes - HC

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