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.
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 ?????
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
CAclubindia
