banner_ad

Vat

This query is : Resolved 
Profile Image

Profile Image

(Querist)
10 February 2014 VAT on discount received after purchasing being asked by department?
Profile Image

MJ Krishnamurthy

Profile Image

MJ Krishnamurthy (Expert)
11 February 2014 If it is a trade discount,vat charged on your purchases by the seller should also be reduced.Such reduced vat has to be reversed from the input tax claimed earlier.If it is a cash discount for prompt payments then it is not supposed to be taken into account. It all depends on how the billing is made.In cases where discount is given as an incentive or gift,not in the usual course of business,like silver jubilee offer etc,such discounts are not eligible for VAT deductions and later reversal.....mjk
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details