vat

Ravi Kumar (Querist) 26 March 2010 This query is : Resolved
I think in your case, the vat only should be levied on sale consideration and not on trade discount/turnover discount/sale promotion discount etc..

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Sumit Batra (Expert) 27 March 2010
Vat is charged on sales consideration Only. If your good is worth 100 and you are giving 10% discount then sales consideration is 100-10=90 and vat would be charged on 90 rs.

Kumar Thadhani (Expert) 28 March 2010
Vat is always charged on net sales at whatever tax rate is applicable on goods.Minus credit notes for usual trade discounts or sales returned by the parties or any other credits.

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