Madan Mohan (GM) 08 September 2011
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
R K JAIN (Advocate) 07 November 2011
VAT is applicable on sale value and not on any other value.
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