A LTD
Purchase 70000
(700 KG*100)  
 +   VAT 5% 3500
  73500

Suppose Company received a Credit Note for Turnover Discount as follows

A LTD
Turnover discount 8500
 +   VAT 5% 425
  8925

Pass entry for Purchase ,payment and Discount received

Will we issue Debit Note or Credit Note

View Answer
  1. Tax Practical
  2. Practical VAT CST

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.