cash discount treatment(punjab vat)

Querist : Anonymous (Querist) 15 October 2010 This query is : Resolved
my company given cash discount to some customers at year end on the basis of sales value. whether this cash discount to be substracted from taxable turnover figure for punjab vat liability calculation purpose??

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R.Ramachandran (Expert) 15 October 2010
If the cash discount is shown in the invoice itself and only the net amount is realised, then VAT is payable only on the Net value. If the discount is passed on by way of credit note etc., then the discount would not be taken into account, and VAT has to be paid on the entire invoice amount.

aman kumar (Expert) 21 October 2010
agree

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