vat on purchases exempt sales
This query is : Resolved
30 October 2010
vat on sales of purchase exempted goods is to be paid on difference of purchase and sales which had been paid by my clients
however my clients received discount such as cash discount qty, turnover discount which was shown seperately below the line
asessing officer is adding this amount of discount as profit and asking to pay vat on this discount is he right Please guide in my opinion discount is a fiancial charge with is not profit pls guide and eloborate with cases laws if possible
however my clients received discount such as cash discount qty, turnover discount which was shown seperately below the line
asessing officer is adding this amount of discount as profit and asking to pay vat on this discount is he right Please guide in my opinion discount is a fiancial charge with is not profit pls guide and eloborate with cases laws if possible
30 October 2010
Trade discount will be added back, since it was declared before the purchase. However cash discount will not be added back.
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M Prabhakar Menon
(Expert)
31 October 2010
Cash discount is incentive for prompt payment trade discount depends on terms of sale.
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