PARIN THACKER (STUDENT) (24 Points)
01 December 2010WHAT SHOULD BE THE VAT TREATMENT DONE BY SELLER OF GOODS.
1. whether we have to effect vat(reverse VAT) while issuing Cr.Note note to purchase for price drop.
2.whether we have to effect Vat(reverse vat) while allowing discount Separately(i.e., not at the time of preparing Invoice) to party for goods sold by issung Credit note.
3. Goods sold returned Cr. Note isued by seller after deducting 10% of deduction due to goods found defective
Devendra
(Chartered Accountant)
(4775 Points)
Replied 01 December 2010
Yes VAT is to be reversed in all the above cases.
Regards,
Devendra P Kulkarni
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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