What will be the treatment of Discount under MVAT Act ? . Please explain with example.
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MVAT
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Total Net Amount XX
Less:- Discount XX
Net amount XX
MVAT (as applicable) XX
Total Bill Amount XX
The Discount amount has to be shown in Sale/ Purchase Return Column in Form 704 & 231/233 as applicable.
why it is reuqired to be shown in Sale/Purchase Return ?
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