Easy Office
LCI Learning

Vat adjustment on discount

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
04 September 2013 if i purchase the Goods Costing Rs.100+VAT Rs.5 .Total Invoice Value is Rs.105.The entry as below :
Purchase A/c Dr.100
VAT A/c Dr. 5
To Party A/c 105

Now if i receive discount or Scheme discount or turnover discount of Rs.10. What would be the entry for the same ? There is any effect on VAT or not ???
Profile Image

RENGARAJ R.K

Profile Image

RENGARAJ R.K (Expert)
05 September 2013 You have not mentioned the STATE.

But many states VAT Acts have prescribed that scheme discount allowed afterwards thro' credit notes, vat amount should not be disturbed which is already passed on.
Profile Image

Prakash Kochar

Profile Image

Prakash Kochar (Expert)
07 September 2013 Under Prov. of Maharashtra Vat Act. As no VAt is shown setely in cr. note it will not affect on ITC.
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links