Valuation of specified goods: retail sale price deemed as taxable value, with tax component extracted by formula. Rule 31D deems the value of supply for specified packaged goods to be the declared retail sale price less applicable tax, with the tax component calculated as (Retail sale price x tax rate) / (100 + sum of applicable tax rate). The rule lists covered tobacco and nicotine products and pan masala, defines applicable tax and retail sale price (including multiple or altered declared prices and area-specific prices), and rule 86B is amended to exempt non-manufacturer registered persons for these goods where the supplier has paid tax on the 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.
Valuation of specified goods: retail sale price deemed as taxable value, with tax component extracted by formula.
Rule 31D deems the value of supply for specified packaged goods to be the declared retail sale price less applicable tax, with the tax component calculated as (Retail sale price x tax rate) / (100 + sum of applicable tax rate). The rule lists covered tobacco and nicotine products and pan masala, defines applicable tax and retail sale price (including multiple or altered declared prices and area-specific prices), and rule 86B is amended to exempt non-manufacturer registered persons for these goods where the supplier has paid tax on the retail sale price.
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