Vat on invoices
This query is : Resolved
29 March 2012
Hello,
Let a product Net Price be Rs. 90 after deducting discount of Rs. 10.
- Whether Vat is calculated on Rs. 100 or on Rs. 90
Let a product Net Price be Rs. 90 after deducting discount of Rs. 10.
- Whether Vat is calculated on Rs. 100 or on Rs. 90
29 March 2012
Vat will be calculated on 90 Rs as u r collecting only 90 rs from customer.
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CA CS Amit S. Kedia
(Expert)
29 March 2012
VAt Will be paid on net amount since it is a trade discount and in the books you book purchase at 90 only, and not by showing purchase at Rs. 100 and discount income of Rs. 10.
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