Reversal of VAT

This query is : Open

Guest

Guest (Querist)

24 February 2011 Hello,

Under MVAT Invoice is made giving effect to the Cash Discount, however later CD is reversed so will there be effect on Reversal of VAT?

Expecting the reply

Rita Paryani

CMA Nishad Patkar

CMA Nishad Patkar (Expert)
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25 February 2011 Dear Rita,

Yes, You need to reverse the Vat, as CD becomes a part of your selling price after reversal.

Nishad

Guest

Guest (Querist)

25 February 2011 Thanks Nishad.

Another query for the same is - Do Cash Coupons inside the Product has VAT effect on claiming the same??

Regards
Rita