Vat adjustment on discount
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 September 2013
if i purchase the Goods Costing Rs.100+VAT Rs.5 .Total Invoice Value is Rs.105.The entry as below :
Purchase A/c Dr.100
VAT A/c Dr. 5
To Party A/c 105
Now if i receive discount or Scheme discount or turnover discount of Rs.10. What would be the entry for the same ? There is any effect on VAT or not ???
Purchase A/c Dr.100
VAT A/c Dr. 5
To Party A/c 105
Now if i receive discount or Scheme discount or turnover discount of Rs.10. What would be the entry for the same ? There is any effect on VAT or not ???
RENGARAJ R.K
(Expert)
05 September 2013
You have not mentioned the STATE.
But many states VAT Acts have prescribed that scheme discount allowed afterwards thro' credit notes, vat amount should not be disturbed which is already passed on.
But many states VAT Acts have prescribed that scheme discount allowed afterwards thro' credit notes, vat amount should not be disturbed which is already passed on.
Prakash Kochar
(Expert)
07 September 2013
Under Prov. of Maharashtra Vat Act. As no VAt is shown setely in cr. note it will not affect on ITC.
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