tax invoice

[manoj raut]

Dear khatri sir,

 

we are making one tax invoice

 

Particular           unit         rate                  value

Machinery            01         400000      400000

 

                              Assessable value - 400000

                               Packing & forward.     7000

                               excise duty 12% Rs.   48000 ( on Ass. value)

                               Ed.cess        2% Rs.       960

                               sh.cess        1%               480

                               M.Vat    5%                     22472   ( on Ass.value + excise)

                              Grand total   -               478912

as per excise law it is correct.

as per salex tax law it is correct.

Please guide the same.

 

Regards

Manoj Raut

AI Summary

Clarification on Tax Invoice Calculation: Include Packing in Assessable Value for Excise Duty; Calculate VAT on Total Value. A query was raised regarding the correct calculation of a tax invoice involving machinery, with specified charges for packing, forwarding, excise duty, education cess, secondary and higher education cess, and MVAT. The original calculation treated packing and forwarding separately from the assessable value for excise duty. Two responses clarified that packing and forwarding should be included in the assessable value, and VAT should be calculated on the total of assessable value, packing charges, and excise duty. The guidance aimed to ensure compliance with excise and sales tax laws.