TMI BlogDiscount on sale priceX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Reply By PAWAN KUMAR - The Reply = Dear Sir, as per my view, only basic value adjustment is allow. post sale discounts extend through credit note, not deductible in TNVAT. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply By Ganeshan Kalyani - The Reply = 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. - Reply By PAWAN KUMAR - The Reply = TNVAT not allowed to adjust the tax component. - Reply By THYAGARAJAN KALYANASUNDARAM - The Reply = Dear Experts, Even the discount was pre-det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ermined and the scheme of the discount has informed the client prior to supply. - Reply By PAWAN KUMAR - The Reply = yes not - Discount on sale price - Query Started By: - THYAGARAJAN KALYANASUNDARAM Dated:- 22-11-2020 Value Added Tax - VAT-CST - Got 5 Replies - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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