Vat on discount/ credit note
This query is : Resolved
03 February 2012
Dear Sir,
I want to know Karnataka Vat Liabilities in following cases:
Purchases Rs 1,000/-
Vat on Purchases @ 4% Rs 40/-
Trade Discount/Incentive/ Cash Discount/ Volume discount on purchases through separate credit Note Rs 50/-
Not vat Reversal by supplier in credit note
My sale Price Rs 975/-
Output Vat @4% Rs 39/-
Whether I can claim the refund of Re 1/-?
I want to know Karnataka Vat Liabilities in following cases:
Purchases Rs 1,000/-
Vat on Purchases @ 4% Rs 40/-
Trade Discount/Incentive/ Cash Discount/ Volume discount on purchases through separate credit Note Rs 50/-
Not vat Reversal by supplier in credit note
My sale Price Rs 975/-
Output Vat @4% Rs 39/-
Whether I can claim the refund of Re 1/-?
03 February 2012
We can make the application for refund of VAT. There is no bar on the sale price charged by the dealer which is why you have a refund situation.
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