vat on discounted price


Chartered Accountant

Hello all ...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?
 
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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.


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Chartered Accountant

thnx for reply
 
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Chartered Accountant

plz confirm it is our choice if we r offering discounted sale price excluding vat or inclusive var
 
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Chartered Accountant

plz read var as vat
 
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