if bill ka MRP: 3300 hai aur discount 41%hai to kya discounted price 1980 pe fir se vat charge hoga..?
4 Replies
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 31 October 2012
no..no VAt on discount
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 31 October 2012
vat computation will be as follows
bilvalue 3300
less discount 1353
after discount value 1947
vat will be charged on 1947 @ applicable rate.....
Sanjeev Parasrampuria
(B.Com CA Final CS Final)
(273 Points)
Replied 31 October 2012
Yes, VAT will be charged on Price after Discount i.e.1947 @ applicable rate as per State VAT Act.
CA Anurag Sulodia
(Chartered Accountant)
(250 Points)
Replied 31 October 2012
VAT is a tax on value addition made to the good.
Sale price is the price after discount (if any) which is actually payable by the customer to the seller.
In the above case price actually paid = Rs 1947
Thus VAT shall be charged on the discounted price at the rate applicable at the State therin.
Recent Topics
- ROTATION OF STATUTORY AUDITORS
- GSTR9 - ITC reversed & reclaimed - current yea
- Unbranded sweets rate of tax
- STCG+LTCG tax payment
- Taxation of interest free loan availed by firm
- How to pay TDS default payment
- Conditions to claim ITC
- Exploring Payroll Outsourcing Services – Is
- Response to Confirm or Revise claim of refund
- How to make Tally Entries for Sale of Property whi
Related Threads
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
