Tax in discount received
This query is : Open
09 June 2012
We have received credit note for discount on monthly scheme after the purchases is made and the supplier has charged Vat on it. Now what is its accounting treatment? and Should we have to pay vat on it?
11 June 2012
in my opinion u should book the credit of full amt of vat a mentioned in bill.
credit note for discount dsnt makes diff. in that transaction.
credit note for discount dsnt makes diff. in that transaction.
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