Vat on cash discount
This query is : Resolved
ANIL SHARMA
(Querist)
21 February 2014
Dear all expert ,I have a confusion whether vat is charged in cash discount as shown in bill as reduction from gross amount or not.
22 February 2014
VAT is not charged on Discount if such discount is known at the time of sales.
If you make a sales transaction and then you give discount such discount will not be considered.
From above it is clear that on trade discount VAT will not be chargeable and on Cash Discount VAT be be charged.
If you make a sales transaction and then you give discount such discount will not be considered.
From above it is clear that on trade discount VAT will not be chargeable and on Cash Discount VAT be be charged.
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