Credit note, incentive

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DEBABRATA (Querist)
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26 May 2013 In West bengal VAT A/c there are any provision to make VAT charge against " Credit Note" "Dealer Incentive " "Price Protection " ? If yes please tell me the section .

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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26 May 2013 The points raised by you are of general trade practices. Issue of debit and credit notes,whenever a dealer has to return goods or offer reduction in outstanding debt or rectify some errors in an invoice by way of issuing a credit/debit notes etc are necessary trade methods. When such credit/debit note is raised an adjustments are done resulting in change of sales value,tax charged etc they can be used as supporting documents for revising the returns already filed.If a dealer makes a policy on offer of incentives to dealers or customers,like gifts,reduction in price,etc it should be published well and offerred in general,not selectively.Necessary records are to be maintained to support the claims made against that policy. Such claims are accepted....mjk