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issue about Form I

manikyalarao nande

Dear sir

We are construct admin building in KSEZ.we purchased cement for this and the SEZ developer gave FORM I to cement manufacturer.KSEZ given form I only for basic value of invoice but manufacturer asks total invoice value

Basic value. = 38,969.12

ED = 0

Cess = 0

Shcess = 0

Freight. = 16,646.88

Total = 55,626

But KSEZ given Form I only for ₹ 38,969.12

Manufacturer asks for total value ₹ 55,626

please give clarification

Thanks&Regards

Form I valuation excludes freight; invoice valuation limited to material value for tax treatment in supplier-developer transactions. Form I is issued in respect of the value of the material supplied and does not extend to ancillary charges such as freight; it may therefore be issued for the basic value of the goods alone and freight treated separately for VAT/CST purposes in supplier-developer transactions. (AI Summary)
VAT + CST
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Guest on Jul 22, 2017

Correct, Form I issued for the value of the material, not freight,

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