WebApr 10, 2024 · GST implications on Part 2 - Mr. X supplies goods to Mr. Y. Section 15 (1) of the CGST Act provides that the value of supply of goods or services shall be the transaction value. Further, the transaction shall include various items listed in Section 15 (2) which inter-alia includes any amount charged by the supplier for anything done in respect ... WebUnder pre GST regime, each indirect taxes has separate taxable event (such as manufacture in case of Excise Duty, provision of services in case of Service Tax, sale of goods in case of VAT/ CST, etc.) Under the GST regime, the taxable event is supply of goods or services or both. The scope of supply has been discussed in detail in unit-2.

What is the Taxable Value of Supply under GST?

WebApr 28, 2024 · The value of supply under Goods and Service Tax shall cover:- Any taxes, cess, duties, chargers, & fees imposed under any Act other than GST. GST Compensation … WebFeb 16, 2024 · Transaction value is the price actually paid (or payable) for the supply of goods/services between un-related parties (i.e., price is the sole consideration) The value of supply under GST shall include: Any taxes, duties, cess, fees, and charges levied under … Treatment of Exports under GST. As per the provisions contained under IGST law, … The states will share GST in proportion to the value of services. Remember: In case … Valuation of supply under GST-Discounts. Discounts given before or at the time of … The rules for the time of supply under GST plays a very important role in determining … feast day st augustine

Section 15 of CGST Act, 2024: Value of Taxable Supply - LinkedIn

WebAug 11, 2024 · The list price of the goods is ` 40,000 (exclusive of taxes). The tax levied by Municipal authority is ` 2,000. The CGST/SGST chargeable on the goods is @ 18%. Now, since the value includes any taxes, duties (other than GST), etc., the Value of Supply shall be ` 42,000 in the given case. Hence, GST payable will be 18% of ` 42,000 i.e. ` 7,560. Web4410. Invoice Value. 57,820. 2. Post sale discounts & details of GST on discount. Post sale discounts are those which are given by the supplier after the sale has been effected. Post sale discounts can be classified into 3 categories –. Discount agreed at the time of supply. Discount not agreed at the time of supply. WebValue of Supply Solved MCQs in Indirect Taxes- GST Chapters Introduction Definitions Scope of Supply Levy and Collection of Tax Composition Exemption from Tax Time of Supply Nature and Place of Supply Value of Supply Input Tax Credit Registration Under GST Law Payment of Tax Computation of Liability Download PDF Take a Test Chapter: Value … debra pinon new york