VAT
This query is : Resolved
20 August 2010
How is VAT generally charged before or after discount on sales suppose if its trade discount and if its normal discount
CMA Ramesh Krishnan
(Expert)
20 August 2010
If Discount shown in the TAX invoice then it is allowed
20 August 2010
My question is on what amount Vat will be charged I.e
if Invoice amount is 100 and discount is 5
will the vat charged on 100 or 95
if Invoice amount is 100 and discount is 5
will the vat charged on 100 or 95
CMA Ramesh Krishnan
(Expert)
20 August 2010
If the discount Rs.5 shown in the invoice itself then VAT will be charged on Rs.95
If the discount is not shown, given separately then VAT is chaged on Rs.100
If the discount is not shown, given separately then VAT is chaged on Rs.100
20 August 2010
Thanks a lot. Now my query is actually one of our client is following diff method of accounting as below::
For sales made by them they charge VAT on Sales after discount
For purchase made by them they are being charge VAT before Discount
so,according to your reply i ll have to verify invoice rite ???
For sales made by them they charge VAT on Sales after discount
For purchase made by them they are being charge VAT before Discount
so,according to your reply i ll have to verify invoice rite ???
CMA Ramesh Krishnan
(Expert)
20 August 2010
your 1st Reply is ok
We cannot adjust VAT input for payment of CST
We cannot adjust VAT input for payment of CST
20 August 2010
can i have your Email ID.because on of my client has done this and i am very knew to all this might need your help
CMA Ramesh Krishnan
(Expert)
20 August 2010
check your Private message, i provided
CMA Ramesh Krishnan
(Expert)
20 August 2010
ok
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