Wednesday 9 December 2015

Trade discount is deductible to calculate VAT even if it is given via credit note subsequent to issu

CST & VAT: Karnataka VAT - Where assessee claimed deduction in respect of discount given to purchasing dealer in form of credit note subsequent to issuance of tax invoice and Assessing Authority disallowed claim of deduction, assessee was entitled to give further discount even after sale had been completed, provided it was trade discount or pursuant to any contract

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