tax invoice

[Asked by 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

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.