difference between one's output tax and other's input tax
This query is : Resolved
Prateek Biyani
(Querist)
01 December 2007
Is it possible that there can be a difference between output tax of seller and input tax of purchaser because of any reason ( for eg. seller charges vat after 8% discount and purchaser after 10% discount). please clarify the aspect of VAT.
CA. O.P. Agarwalla
(Expert)
01 December 2007
Amount of output tax and input credit depends upon the Tax Invoice of the seller. For adjustment of price difference, there are provisions of Credit Notes and Debit Notes.
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