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Discount on sale price, Value Added Tax - VAT-CST

Issue Id: - 116865
Dated: 22-11-2020
By:- THYAGARAJAN KALYANASUNDARAM
Discount on sale price

  • Contents

Dear Experts,

One of my clients who supply the goods to various customers based on the payment terms, as stated below.

Example

Sale price 1000/- + Vat Tax = Bills raised

After supply the goods with bill raised.

1) if the payment received within 15 days, My client would issue credit note 20%, i.e. 200+ vat Tax

2) if the payment received within 15-30 days, My client would issue credit note 10%, i.e. 100+ vat Tax

Now, my query whether the tax can be adjusted for the above transaction while filing the return under the erstwhile TNVAT act? or we can only adjust the basic value.

Please advice me on this.

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Posts / Replies

Showing Replies 1 to 5 of 5 Records

1 Dated: 23-11-2020
By:- PAWAN KUMAR

Dear Sir,

as per my view, only basic value adjustment is allow. post sale discounts extend through credit note, not deductible in TNVAT.


2 Dated: 27-11-2020
By:- Ganeshan Kalyani

Sir, VAT is a State subject. Each State had its own law. In some State VAT was allowed to be charged on credit note if the sales return is within 6 month and in some 1 year.


3 Dated: 27-11-2020
By:- PAWAN KUMAR

TNVAT not allowed to adjust the tax component.


4 Dated: 27-11-2020
By:- THYAGARAJAN KALYANASUNDARAM

Dear Experts,

Even the discount was pre-determined and the scheme of the discount has informed the client prior to supply.


5 Dated: 28-11-2020
By:- PAWAN KUMAR

yes not


1

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