Discount Provisions for SAles TAx
This query is : Resolved
20 May 2010
Hello...
I need clarification as to what kind of discount is deductible for computing the assessable value of sales under sales tax.
Does Discount given to the party for rate differences at a later stage be treated as discount and also may it be treated as Sales return?
Hope to receive fruitful reply as always
Thanks
I need clarification as to what kind of discount is deductible for computing the assessable value of sales under sales tax.
Does Discount given to the party for rate differences at a later stage be treated as discount and also may it be treated as Sales return?
Hope to receive fruitful reply as always
Thanks
20 May 2010
Hi Amit,
Your query has two main parts.First one is on discounts....so any discount given of Invoice like trade/cash discount is to be accounted for sales tax calculation.
Secondly Price/rate difference can not be a discount while it should be treated as a credit/debit note(should be issued to the party) which can be claimed in the sales tax return later on.
Your query has two main parts.First one is on discounts....so any discount given of Invoice like trade/cash discount is to be accounted for sales tax calculation.
Secondly Price/rate difference can not be a discount while it should be treated as a credit/debit note(should be issued to the party) which can be claimed in the sales tax return later on.
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20 May 2010
Thanks Archana for the reply.
However i am still not clear -
Will the credit note recived later on
( say in another quarter ) be reduced from the assessable value and the sales tax liability will be reuced or ?????
Thanks once again for the last answer.
However i am still not clear -
Will the credit note recived later on
( say in another quarter ) be reduced from the assessable value and the sales tax liability will be reuced or ?????
Thanks once again for the last answer.
20 May 2010
Yes,I think it can be claimed in the same assessment year.In case u filed the return and then you receives the DN.CN then you can revise the return too showing these in the return
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