Tobacco and pan masala valuation now based on retail sale price less tax under newly inserted rule. Rule 31D deems value of supply of specified packaged goods (pan masala; various tobacco products; inhalation products) to be the declared retail sale price less applicable tax, prescribes the tax component formula as (Retail sale price x tax rate) / (100 + sum of applicable tax rate), and defines applicable tax and retail sale price including rules for multiple, altered, and area-specific retail prices; rule 86B is amended to exempt registered persons (other than manufacturers) when suppliers have paid tax on such goods on the basis of retail sale price.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tobacco and pan masala valuation now based on retail sale price less tax under newly inserted rule.
Rule 31D deems value of supply of specified packaged goods (pan masala; various tobacco products; inhalation products) to be the declared retail sale price less applicable tax, prescribes the tax component formula as (Retail sale price x tax rate) / (100 + sum of applicable tax rate), and defines applicable tax and retail sale price including rules for multiple, altered, and area-specific retail prices; rule 86B is amended to exempt registered persons (other than manufacturers) when suppliers have paid tax on such goods on the basis of retail sale price.
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