Is cash discount deducted before arriving at assessable value or is VAt charged on gross amount?
Do we need to show surchage on VAT seperately or can it be clubbed?? (Questions are specifically about Punjab VAT, but I think it should be same for all states)
ANY DISCOUNT DEDUCTED BEFORE RECHING ASSESABLE VALUE IS ALLOWABLE
YES YOU CAN CLUB THE VAT AND SURCHARGE AC. AND MAKE VAT 5.5% AND VAT 13.75% AC.
WE R ALSO FROM PUNJAB AND WE R ALSO DOING THE SAME 
thanks a lot.......where u from in punjab??
BUT IN YOUR QUERY BEFORE REACHING ASSESABLE VALUE IF DISCOUNT IS CHARGED IT SHOULD BE TRADE DISCOUNT
BECAUSE CASH DISCOUNT IS AN ADDITIONAL INCENTIVE GIVEN BY SUPPLIER TO CUSTOMER FOR TIMELY PAYMENT
BUT IN YOUR QUERY BEFORE REACHING ASSESABLE VALUE IF DISCOUNT IS CHARGED IT SHOULD BE TRADE DISCOUNT
BECAUSE CASH DISCOUNT IS AN ADDITIONAL INCENTIVE GIVEN BY SUPPLIER TO CUSTOMER FOR TIMELY PAYMENT
does that means, if cash discount is given, it can't be deducted????? so, we should charge VAT at gross amount (price+cash dis.) ????????
Vat is arrived on the net amount that is after deducting trade & cash discounts
Vat is arrived on the net amount that is after deducting trade & cash discounts.
Hi
Please anybody tell me what is the Vat Rate for Pressed Metal Components in karnataka
CAclubindia
