Retail sale price valuation for specified tobacco goods reshapes GST assessment and narrows Rule 86B restrictions. Retail sale price-based valuation is introduced for specified goods, including pan masala and certain tobacco and nicotine products, by deeming the value of supply to be the declared retail sale price less applicable tax. The rule prescribes a formula for computing tax and explains the meaning of applicable tax and retail sale price, including treatment of multiple or altered declared prices and area-wise price declarations. Rule 86B is amended to exempt a registered person other than a manufacturer, for goods covered by rule 31D, where tax has been paid on the retail sale price basis.
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Retail sale price valuation for specified tobacco goods reshapes GST assessment and narrows Rule 86B restrictions.
Retail sale price-based valuation is introduced for specified goods, including pan masala and certain tobacco and nicotine products, by deeming the value of supply to be the declared retail sale price less applicable tax. The rule prescribes a formula for computing tax and explains the meaning of applicable tax and retail sale price, including treatment of multiple or altered declared prices and area-wise price declarations. Rule 86B is amended to exempt a registered person other than a manufacturer, for goods covered by rule 31D, where tax has been paid on the retail sale price basis.
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