Treatment of discounts in excise duty calculation
This query is : Resolved
17 February 2013
Urgent....
Kindly clarify regarding the treatment of discount(Trade, cash and qty discounts) in excise calculation.
I have seen a company invoice which calculating excise duty without deducting discount and the same is being deducted for CST calculation.
Please reply asap...
Kindly clarify regarding the treatment of discount(Trade, cash and qty discounts) in excise calculation.
I have seen a company invoice which calculating excise duty without deducting discount and the same is being deducted for CST calculation.
Please reply asap...
Arun Kumar Singh
(Expert)
17 February 2013
Trade discounts are allowable as deduction for valuation purposes. Trade discount means discount usually expressed as a percentage deduction given to wholesale buyers. Since quantum of trade discount is not payable by buyer to seller, it will not form part of transaction value.
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