Retail sale price valuation rule reshapes GST treatment for specified tobacco and pan masala goods with a linked rule 86B exemption. The amendment inserts a valuation rule for specified goods, including pan masala and tobacco-related products, under which the value of supply is deemed to be the retail sale price declared on the goods less applicable tax. It also defines retail sale price for valuation purposes and addresses multiple declarations, altered declarations, and area-specific prices. A related amendment to rule 86B exempts a registered person other than a manufacturer only for goods taxed on a retail sale price basis by the supplier.
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Retail sale price valuation rule reshapes GST treatment for specified tobacco and pan masala goods with a linked rule 86B exemption.
The amendment inserts a valuation rule for specified goods, including pan masala and tobacco-related products, under which the value of supply is deemed to be the retail sale price declared on the goods less applicable tax. It also defines retail sale price for valuation purposes and addresses multiple declarations, altered declarations, and area-specific prices. A related amendment to rule 86B exempts a registered person other than a manufacturer only for goods taxed on a retail sale price basis by the supplier.
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