VAT queries

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