30 October 2010
vat on sales of purchase exempted goods is to be paid on difference of purchase and sales which had been paid by my clients however my clients received discount such as cash discount qty, turnover discount which was shown seperately below the line
asessing officer is adding this amount of discount as profit and asking to pay vat on this discount is he right Please guide in my opinion discount is a fiancial charge with is not profit pls guide and eloborate with cases laws if possible
CAclubindia
