Tax Alert | Tax adjustment on account of post sale discount

by | Jul 22, 2015

Dear Reader,

This is to update you on a recent amendment made under the DVAT Act, 2004 (‘DVAT Act’) by the DVAT (Second Amendment) Act, 2015 (‘Amendment Act’) which came into force on July 15, 2015.

Under the DVAT Act, reduction of output tax (Section 8) and adjustment to input tax (Section 10) was permitted where the taxpayer (seller) passed on discount to the buyer. Such adjustment was permitted even when the discount was passed by way of a credit note after issuance of tax invoice.

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