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Q. > Please Help: post sale discount
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
1 Answers
answered Dec 30, 2013 by shankygarg , Karnal
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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Kshitiz Pathania
02-Jan-2014 , 12:06:26 pmWhat 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.