adjustment of vat in case of rebate & discount

This query is : Resolved

ca vishal aggarwal (Querist)
Follow

18 October 2009 how to adjsut vat paid on goods if we got rebate & discount from the company at end of year .our purchase cost will reduce .do we have to pay more input tax if yes how to pay nd how to show it in return nd in wich return

Ram Avtar Singh

Ram Avtar Singh (Expert)
Follow

19 October 2009 There is no change in Sales & Purchase due to Sales Tax return Submitted by you.

create Rabate & Discount a/c it will adjust at the time of profit & Loss by Expert Persons.