https://www.taxtmi.com/caselaws?id=339321 Amounts received through credit notes were treated as part of taxable turnover where, in substance, they represented reimbursement of the balance sale price on sales made below purchase price. Explanation VII to Section 2(lii) of the Kerala Value Added Tax Act, 2003 was applied to bring such reimbursements within turnover, while discounts merely allowed to customers and separately shown were excluded. The 5th proviso to Section 11(3) was confined to input tax credit and did not alter the incidence of tax on turnover. The amendment to that proviso did not change the assessability of discount amounts when they formed part of sale consideration. en-us Tue, 07 Feb 2017 00:00:00 +0530 Sat, 24 Mar 2018 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339321 Amounts received through credit notes were treated as part of taxable turnover where, in substance, they represented reimbursement of the balance sale price on sales made below purchase price. Explanation VII to Section 2(lii) of the Kerala Value Added Tax Act, 2003 was applied to bring such reimbursements within turnover, while discounts merely allowed to customers and separately shown were excluded. The 5th proviso to Section 11(3) was confined to input tax credit and did not alter the incidence of tax on turnover. The amendment to that proviso did not change the assessability of discount amounts when they formed part of sale consideration. Case-Laws VAT and Sales Tax Tue, 07 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339321