Please Help: post sale discount
Posted Date : 28-Dec-2013 , 05:33:12 pm | Posted By: Paramjeet Singh
Category :
VAT | Answers :
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whether the purchasing dealer is bound to reverse the ITC even though the selling dealer has not reversed / made any adjustment for the reduction in the output tax liability, If yes kindly provide any reference of any case study |
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Answers:
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 Answer by: Shankygarg |
| It seems that you have received some discount from your seller after the invoice is issued.
Firstly , you should confirm the accounting treatment adopted by your seller. It might be treated as discount allowed by the seller & VAT impact is not taken into consideration.
If it is treated as Discount , no ITC need to reverse.
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| Posted By : Kshitiz Pathania |
02-Jan-2014, 12:06:26 |
| What if the selling dealer has issued credit note but no amount of tax impact is shown/included in credit note. Do the purchasing dealer bound to reverse ITC u/s 10(1)even if no proper credit note has been issued u/s 51 of DVAT Act by the selling dealer.
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