cash discount on invoice - Vat Gujarat
This query is : Resolved
02 March 2009
I would like to know where the cash discount applicable -- before vat amount or after vat amount?
Example-1
Rs. 100.00 Net Sale Amount
Rs. 005.00 Cash Discount
Rs. ______ Vat Amount ?
Example-2
Rs. 100.00 Net Sale Amount
Rs. ______ Vat Amount ?
Rs. 005.00 Cash Discount
Which is correct? please advice me?
Example-1
Rs. 100.00 Net Sale Amount
Rs. 005.00 Cash Discount
Rs. ______ Vat Amount ?
Example-2
Rs. 100.00 Net Sale Amount
Rs. ______ Vat Amount ?
Rs. 005.00 Cash Discount
Which is correct? please advice me?
CA Nitin Wadhwani
(Expert)
02 March 2009
The first one as per the definition of "Sale Price".
CA Nitin Wadhwani
(Expert)
04 March 2009
There is no need of notification.
It is contained in the ACT itself in the definition of sale price.
It is contained in the ACT itself in the definition of sale price.
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