Please Help: Reversal of VAT on special discount
Posted Date : 12-Jun-2012 , 02:46:24 pm | Posted By omprakash kalita
Can a dealer reverse VAT (output)by way of credit note to its dealer due to special discount allowed to dealer.
Category : Accounts | Answers : 4 | Comments : 0 | Hits : 540
Answers
Answer By: Rishabh Upadhyay
Yes, he can do that, but the credit note specifically mention that the amount is on account of vat reversal
Answer By: CA Satuti Mahajan
yes
Answer By: Vikash Kumar Jha
Yes. A dealer can reverse VAT ouput at the time of discount also just following the same process which he is following at the time of sales returns
Answer By: Krishna Chandra Santi
I think if CENVAT credit is not availed on the sale earlier, then VAT can be reversed. Otherwise if we will reverse VAT after availing the credit we have to pay the VAT amount reversed on the credit note.
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