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Tax in discount received

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(Querist)
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?
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CA Himanshu Sharma

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CA Himanshu Sharma (Expert)
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.

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