https://www.taxtmi.com/highlights?id=69837 Levy of Tax on consideration passed through Credit Notes - A credit note is a valuable consideration which is essentially a document to inform a buyer that the buyer’s account is being credited because of errors, returns or allowances. - Merely because the dealer is acting as an intermediary or on behalf of the manufacturer pursuant to a warranty and receives a recompense in the form of a credit note, the same cannot escape liability of tax under the Sales Tax Acts under consideration. - SC en-us Thu, 18 May 2023 13:27:32 +0530 Thu, 18 May 2023 13:27:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=69837 Levy of Tax on consideration passed through Credit Notes - A credit note is a valuable consideration which is essentially a document to inform a buyer that the buyer’s account is being credited because of errors, returns or allowances. - Merely because the dealer is acting as an intermediary or on behalf of the manufacturer pursuant to a warranty and receives a recompense in the form of a credit note, the same cannot escape liability of tax under the Sales Tax Acts under consideration. - SC Highlights VAT and Sales Tax Thu, 18 May 2023 13:27:32 +0530 https://www.taxtmi.com/highlights?id=69837