vat on credit notes
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 May 2011
sir we are issuing several credit note to our customer on account of different schemes and discounts. i want to ask that do our customers have to pay vat on the amount of CN issued by us?
U S Sharma
(Expert)
14 May 2011
post sales credit notes are usually not to be taken in account for vat calculation, i.e VAT is payable on original invoice value.
however if the credit notes are related to rejection, sales return, then vat should be reduced to the extent, subject to revised return of vat submitted to department.
however if the credit notes are related to rejection, sales return, then vat should be reduced to the extent, subject to revised return of vat submitted to department.
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