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Where the value of supply is inclusive of integrated tax or, as the case may be, central tax, State tax, Union territory tax, the tax amount shall be determined in the following manner, namely,- Tax amount = (Value inclusive of taxes X tax rate in % of IGST or, as the case may be, CGST, […]
Read MoreThe rate of exchange for determination of value of taxable goods shall be the applicable rate of exchange as notified by the Board under section 14 of the Customs Act, 1962 for the date of time of supply of such goods in terms of section 12 of the Act. (2) The rate of exchange for […]
Read MoreAs per rule 32 , the expenditure or costs incurred by a supplier as a pure agent of the recipient of supply shall be excluded from the value of supply, if all the following conditions are satisfied, namely,- (i) the supplier acts as a pure agent of the recipient of the supply, when he makes […]
Read MoreUnder Rule 32 Where a taxable supply is provided by a person dealing in buying and selling of second hand goods i.e., used goods as such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on the purchase of such goods, […]
Read MoreThe value of supply of services in relation to life insurance business shall be,- (a) the gross premium charged from a policy holder reduced by the amount allocated for investment, or savings on behalf of the policy holder, if such an amount is intimated to the policy holder at the time of supply of service; […]
Read MoreThe value of the supply of services in relation to booking of tickets for travel by air provided by an air travel agent shall be deemed to be an amount calculated at the rate of 5%of the basic fare domestic […]
Read MoreThe value of supply of services in relation to the purchase or sale of foreign currency, including money changing, shall be determined by the supplier of services in any of the two methods , namely:- (a) for a currency, when exchanged from, or to, Indian Rupees, the value shall be equal to the difference in […]
Read MoreAuthor View :- Composition levy under GST is an scheme under which Registered person needs to pay a flat rate of Tax on their turnover which should be exceeded by 1 Crores in a year like :- 1. Traders-1% (.5% CGST, .5% SGST/UTGST). 2. Manufacturer -2% (1% CGST , 1% SGST/UTGST). 3. Restaurants (2.5% CGST […]
Read More(1) Save as otherwise provided in this Act, on and from the date of commencement of this Act, the Central Excise Act, 1944 (except as respects goods included in entry 84 of the Union List of the Seventh Schedule to the Constitution), the Medicinal and Toilet Preparations (Excise Duties) Act, 1955, the Additional Duties of […]
Read MoreSave as otherwise provided in this Act, Chapter V of the Finance Act, 1994 shall be omitted.
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