VAT
This query is : Resolved
UMESH GUPTA
(Querist)
18 February 2009
If the supplier given the invoice of Rs.1000 and VAT @ 12% i.e Rs.1120.And afterword they gives 10% discount on Rs. 1000 i.e Rs.100. Whether the supplier has reverse the VAT amount also by 10%.
CA Hemant T Dewani
(Expert)
18 February 2009
if there is cash discount then 10% is not deducted if it is trade discount then it is reduced by rs.100/- & vat also is to be reduced
CA Nitin Wadhwani
(Expert)
19 February 2009
If the amount of discont is mentioned in the invoive itself, then yes otherwise not.
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