Retail sale price valuation governs specified tobacco and pan masala goods, with a limited rule 86B exemption for non-manufacturers. Amends the Jammu and Kashmir Goods and Services Tax Rules, 2017 by inserting a valuation rule for specified goods, including pan masala and tobacco products, under which the value of supply is deemed to be the retail sale price declared on the goods, less the applicable tax amount calculated by the prescribed formula. The rule defines retail sale price and sets out valuation rules for multiple declared prices, altered prices, and area-specific prices, and also creates a limited exemption from rule 86B for non-manufacturers in respect of such goods where tax has been paid on the basis of retail sale price.
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Provisions expressly mentioned in the judgment/order text.
Retail sale price valuation governs specified tobacco and pan masala goods, with a limited rule 86B exemption for non-manufacturers.
Amends the Jammu and Kashmir Goods and Services Tax Rules, 2017 by inserting a valuation rule for specified goods, including pan masala and tobacco products, under which the value of supply is deemed to be the retail sale price declared on the goods, less the applicable tax amount calculated by the prescribed formula. The rule defines retail sale price and sets out valuation rules for multiple declared prices, altered prices, and area-specific prices, and also creates a limited exemption from rule 86B for non-manufacturers in respect of such goods where tax has been paid on the basis of retail sale price.
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