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PRODUCT DISCOUNTS

SUBRAMANIAM MEENAKSHI SUNDARAM

Dear Sirs,

I am a consignment agent for a Hyderabad based company, they transfer stocks to my company and i issue Form F for that value, my clients will deposit cash in my companies account and susequently I transfer product to them, now my company wants to give discount for the products, (for example I receive products for ₹ 36/- and issue form F for the same value now company wants to give discount of ₹ 6/- and asking me to raise invoices for ₹ 30/- can I do this or not please help me.

Kind regards

Hyderabad-based company considers discounted invoicing; warnings issued on compliance with VAT/CST preannounced discount schemes. A consignment agent for a Hyderabad-based company inquires about issuing invoices at a discounted rate. The company transfers stock valued at 36, but now wants to offer a 6 discount, asking the agent to raise invoices for 30. One response suggests this is permissible, noting the agent's location is considered a unit of the principal company and sales tax applies to the sale value. Another response warns of potential complications, highlighting that discounts must align with preannounced schemes under VAT/CST laws, and discrepancies in returns could prompt inquiries from tax authorities. (AI Summary)
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