Satvir Singh (Newly minted CA) (1733 Points)
01 June 2011Is cash discount deducted before arriving at assessable value or is VAt charged on gross amount?
Do we need to show surchage on VAT seperately or can it be clubbed?? (Questions are specifically about Punjab VAT, but I think it should be same for all states)
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 02 June 2011
ANY DISCOUNT DEDUCTED BEFORE RECHING ASSESABLE VALUE IS ALLOWABLE
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 02 June 2011
YES YOU CAN CLUB THE VAT AND SURCHARGE AC. AND MAKE VAT 5.5% AND VAT 13.75% AC.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 02 June 2011
WE R ALSO FROM PUNJAB AND WE R ALSO DOING THE SAME 
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 02 June 2011
thanks a lot.......where u from in punjab??
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 02 June 2011
BUT IN YOUR QUERY BEFORE REACHING ASSESABLE VALUE IF DISCOUNT IS CHARGED IT SHOULD BE TRADE DISCOUNT
BECAUSE CASH DISCOUNT IS AN ADDITIONAL INCENTIVE GIVEN BY SUPPLIER TO CUSTOMER FOR TIMELY PAYMENT
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 02 June 2011
BUT IN YOUR QUERY BEFORE REACHING ASSESABLE VALUE IF DISCOUNT IS CHARGED IT SHOULD BE TRADE DISCOUNT
BECAUSE CASH DISCOUNT IS AN ADDITIONAL INCENTIVE GIVEN BY SUPPLIER TO CUSTOMER FOR TIMELY PAYMENT
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 02 June 2011
does that means, if cash discount is given, it can't be deducted????? so, we should charge VAT at gross amount (price+cash dis.) ????????
bhavani
(article assistant)
(49 Points)
Replied 12 June 2012
Vat is arrived on the net amount that is after deducting trade & cash discounts
bhavani
(article assistant)
(49 Points)
Replied 12 June 2012
Vat is arrived on the net amount that is after deducting trade & cash discounts.
Muniraj
(Accountant)
(21 Points)
Replied 14 June 2012
Hi
Please anybody tell me what is the Vat Rate for Pressed Metal Components in karnataka
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
CAclubindia
