tax invoice

[Guest]

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

[YAGAY and SUN]

Dear Manoj,

Packing and Forwarding will become integral part of assessable value and MVAT will also be paid on Ed. Cess and SHE Cess.

 

Regards,

Pradeep Khatri

[deepak kalambate]

Excise Duty is to be charged on ASV+PACKING CHARGES & VAT is to be charged on ASV+PACKING CHARGES+EXCISE DUTY

AI Summary

Tax base for VAT: VAT applies on assessable value plus packing and excise duty, including applicable cesses. Packing and forwarding charges are integral to the assessable value for excise and excise duty is payable on the assessable value inclusive of those charges. For state VAT, the taxable base includes packing and forwarding and also incorporates excise duty and applicable cesses, so MVAT is charged on assessable value plus packing and forwarding plus excise duty.