Vat
This query is : Resolved
10 February 2014
VAT on discount received after purchasing being asked by department?
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
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