TRANS 1 TABLE 7A

[UDAYKANT PATHAK]

Sir,

In Trans 1 Table 7 A

HSN, UNIT, QTY, AND VALUE WHAT IS MEANING OF VALUE BEFORE OF DUTY PAID AMOUNT OR INVOICE VALUE T THINK BEFORE DUTY AMOUNT PLEASE CORRECT IF I AM WRONG.

[Ganeshan Kalyani]

In my view, it is value of the stock which is inclusive of tax.

[UDAYKANT PATHAK]

sir but i am registered in vat earlier law

[Ganeshan Kalyani]

Value of stock to mention in the field. Value shall include tax. I welcome view of my collegue experts.

[ANITA BHADRA]

In my view , Value will be before duty as there is separate coloum in Table 7A of TRAN 1 indicating eligible DUTY & TAXES .

Experts are requested to correct if I am wrong .

Regards

[CSSANJAY MALHOTRA]

Assessable value on which tax is to be calculated. In Short, value before tax.

AI Summary

Value reporting in GST returns: clarify whether stock value is stated before tax or inclusive of tax in table.
The query asked whether the stock value reported in Trans 1 Table 7A is inclusive of tax or the net value before duty and tax. Contributors offered conflicting views: some said the field is stock value inclusive of tax, while others pointed out a separate column for eligible duties and taxes and described the field as the assessable value before tax.