GST valuation excludes Tax Collected at Source as an interim levy, clarifying its non-inclusion in taxable value. GST valuation for supplies involving Tax Collected at Source (TCS) under the Income Tax Act is clarified by corrigendum to the earlier circular. The revised position states that, for determining the value of supply under GST, TCS is not to be included because it is an interim levy on possible income and does not have the character of a tax on goods. The clarification revises the earlier statement that had treated TCS as part of the taxable value merely because the amount payable to the supplier was described as inclusive of TCS.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
GST valuation excludes Tax Collected at Source as an interim levy, clarifying its non-inclusion in taxable value.
GST valuation for supplies involving Tax Collected at Source (TCS) under the Income Tax Act is clarified by corrigendum to the earlier circular. The revised position states that, for determining the value of supply under GST, TCS is not to be included because it is an interim levy on possible income and does not have the character of a tax on goods. The clarification revises the earlier statement that had treated TCS as part of the taxable value merely because the amount payable to the supplier was described as inclusive of TCS.
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