Retail sale price valuation for specified tobacco goods is introduced, with a limited input tax credit exemption added. The amendment inserts a new rule deeming the value of supply of specified tobacco, pan masala and related goods to be the retail sale price less applicable tax, and prescribes the tax computation method and the meaning of retail sale price. It also carves out a limited exemption under the input tax credit restriction for registered persons other than manufacturers in respect of such goods where tax has been paid by the supplier on a retail sale price basis.
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Provisions expressly mentioned in the judgment/order text.
Retail sale price valuation for specified tobacco goods is introduced, with a limited input tax credit exemption added.
The amendment inserts a new rule deeming the value of supply of specified tobacco, pan masala and related goods to be the retail sale price less applicable tax, and prescribes the tax computation method and the meaning of retail sale price. It also carves out a limited exemption under the input tax credit restriction for registered persons other than manufacturers in respect of such goods where tax has been paid by the supplier on a retail sale price basis.
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