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Input credit

This query is : Resolved 
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(Querist)
16 August 2011 Hi Sir,
can dealer sell goods less than their cost?

for example:
in a period dealer's purchase is 100000(Rs100x1000/Pcs)
and he claimed ITC 4762.
& he sell (Rs 80x1000/pcs) and discount+his margin amount claimed from supplier.

than what he should be do regarding ITC.
any curricular or ruling is available on it?
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U S Sharma

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U S Sharma (Expert)
16 August 2011 under reimbursement of his margin + discount the selling dealer raise credit notes which effects the vat amount also, hence the purchase cost goes down for the dealer. also the input credit of vat goes down to the extent of credit notes issued by seller.
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Sachin Kumar

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Sachin Kumar (Querist)
16 August 2011 Is there any notification or rule available regarding this. I am looking for UPVAT
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