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Vat on discount/credit note

VAT (Legacy) 1941 views 2 replies

Hi,

I want to know Karnataka Vat Liabilities in following cases:

Purchases Rs 1,000/-
Vat on Purchases @ 4% Rs 40/-

Trade Discount/Incentive/ Cash Discount/ Volume discount on purchases through separate credit Note Rs 50/-
Not vat Reversal by supplier in credit note

My sale Price Rs 975/-
Output Vat @ 4% Rs 39/-

Whether I can claim the refund of Re 1/-?

Replies (2)

Yes Mr.prasanna, you can claim refund

No Mr.prasanna, you can not claim refund.

in my opinion you have to paid rs. 1 instead  of claiming refund.
RITC on Credit note of Rs. 50 @ 4% =2 - 1 Bal Input credit


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