Hi,
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/-?
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Vat on discount/credit note
Replies (2)
Yes Mr.prasanna, you can claim refund
No Mr.prasanna, you can not claim refund.
in my opinion you have to paid rs. 1 instead of claiming refund.
RITC on Credit note of Rs. 50 @ 4% =2 - 1 Bal Input credit
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