vat after discount

Chartered Accountant

plz answer if dealer selling goods after discount on me than whether that net amount would be required to charge vat or it would be inclusive of vat?
CA FINAL -Accountant

VAT is a tax on the actual sale price at which the goods are finally sold. MRP, an acronym for the Maximum Retail Price, is a statutory limit above which an item cannot be sold but can be sold below it. A discount implies a concession being offered on the labelled price. It may be watched however that the total price being charged after including VAT should not exceed the MRP.

Total likes : 1 times



Your are not logged in . Please login to post replies

Click here to Login / Register  


× Online Coaching My Enrolled Courses
Articles Forum News Experts Exams Share Files Income Tax Accounts Career Corporate Law Service Tax Video Judgements Rewards Top Members Events Albums Find Friends Featured Feed Scorecard Bookmarks Mock Test Poll Notification Knowledge Finder Coaching Institutes Trainee Corner Jobs