Retail sale price valuation for specified tobacco goods is introduced, with a limited exemption from the input tax credit restriction. The amendment inserts a valuation rule under which the value of supply of specified goods, including pan masala and tobacco products, is deemed to be the retail sale price declared on such goods less applicable tax. It prescribes the tax calculation method and defines retail sale price for cases involving multiple declarations, altered prices, and area-specific prices. It also exempts a registered person other than a manufacturer from the input tax credit restriction for specified goods taxed by the supplier on a retail sale price basis.
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.
Retail sale price valuation for specified tobacco goods is introduced, with a limited exemption from the input tax credit restriction.
The amendment inserts a valuation rule under which the value of supply of specified goods, including pan masala and tobacco products, is deemed to be the retail sale price declared on such goods less applicable tax. It prescribes the tax calculation method and defines retail sale price for cases involving multiple declarations, altered prices, and area-specific prices. It also exempts a registered person other than a manufacturer from the input tax credit restriction for specified goods taxed by the supplier on a retail sale price basis.
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