L KANAGARAJ (Assistant Manager-Finance) (615 Points)
19 August 2008Sir/Madam,
In Value Added Tax what is the procedure to Make Invoice with Discount structure.
E.g. 1,
Basic Rs. 100
Less: Discount 10% = 10
Add : VAT 4% (Rs.100-10= 90*4%) = Rs. 3.60,
Total Rs. = 93.60
(OR),
E.g. 2
Basic Rs. 100
Add : VAT 4% (Rs.100*4%) = Rs. 4.00
Less: Discount 10 %( (100+4)*10%= 10.40
Total Rs. = (104-10.40) = 93.60
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 19 August 2008
First example.
L KANAGARAJ
(Assistant Manager-Finance)
(615 Points)
Replied 21 August 2008
| Originally posted by :S.Srinivasaraghavan | ||
| " | First example. | " |
In this case Government loose 40 paise, whether is it correct.
Explain me please.
CAclubindia
