Karnataka Value Added Tax Rules 2005
Rule 3(2)(c) All trade discounts are allowable as permissible deductions- It must be remembered that taxable turnover is turnover net of deductions. All trade discounts are allowable as permissible deductions. We direct that in computing the taxable turnover for the relevant years, the appellant would be entitled to a deduction of the trade discount, following the parameters laid down in paragraph 40 of the judgment in Southern Motors (supra) and as explained above......M/s Maya Appliances (P) Ltd VS- Addl. Commissioner of Commercial Taxes, [4 LM (SC) 81]
