Discount on sale price

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iscount on sale price<br> Query (Issue) Started By: - THYAGARAJAN KALYANASUNDARAM Dated:- 22-11-2020 Last Reply Date:- 28-11-2020 VAT + CST<br>Got 5 Replies<br>VAT / Sales Tax<br>Dear Experts, One of my clients who supply the goods to various customers based on the payment terms, as stated below. Example Sale price 1000/- + Vat Tax = Bills raised After supply the goods with bill raised. 1) ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....if the payment received within 15 days, My client would issue credit note 20%, i.e. 200+ vat Tax 2) if the payment received within 15-30 days, My client would issue credit note 10%, i.e. 100+ vat Tax Now, my query whether the tax can be adjusted for the above transaction while filing the return under the erstwhile TNVAT act? or we can only adjust the basic value. Please advice me on this. R....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eply By PAWAN KUMAR: The Reply: Dear Sir, as per my view, only basic value adjustment is allow. post sale discounts extend through credit note, not deductible in TNVAT. Reply By Ganeshan Kalyani: The Reply: Sir, VAT is a State subject. Each State had its own law. In some State VAT was allowed to be charged on credit note if the sales return is within 6 month and in some 1 year. Reply By PAWAN....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... KUMAR: The Reply: TNVAT not allowed to adjust the tax component. Reply By THYAGARAJAN KALYANASUNDARAM: The Reply: Dear Experts, Even the discount was pre-determined and the scheme of the discount has informed the client prior to supply. Reply By PAWAN KUMAR: The Reply: yes not<br> Discussion Forum - Knowledge Sharing ....