Home Case Index All Cases VAT and Sales Tax VAT and Sales Tax + HC VAT and Sales Tax - 2015 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (7) TMI 1141 - HC - VAT and Sales TaxValuation - KVAT Act - assessee purchased cement and sold it at a price lower than the price at which it was purchased by him - whether for the assessment year 2005-2006, the discount received by the assessee were also to be included to the turnover of the assessee, for the purpose of levying tax under the KVAT Act? - Held that: - provisions of Explanation III to Clause 2 of Section 2(lii) referred to. This provision clarifies that what is to be excluded from the turnover is only a discount on the price allowed by a dealer, where such discount is shown separately in the tax invoice and the buyer pays only the amount reduced by such discount. Any reimbursement of the price received by a dealer, is liable to be included in his turnover whereas the discount allowed to the customer, and shown separately in the tax invoice, is liable to be excluded. Revision application dismissed - decided against revisionist.
|