hi for ready made garments rate is 12% if sale value above 1000, pls clarify sale value is before tax or include tax , or MRP
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Gst sales value
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it will be the value before tax
In this case, the textile items above the price threshold of Rs. 1000 (per item) then it will be taxed at 12 percent. Say sale price is Rs. 1200 then 12 percent gst will be applicable on the Rs. 1200. Final Price= 1200+144(gst).
mrp is 1200 but I am selling at rs 800 before tax what will be the tax rate 12% or 5% because as per the tax rate if sale value is below 1000 tax rate is 5% but it is not defined what is sale value
5% tax rate will be applicable.
Please explain what is the meaning of Sale Value. The price is derived out of various expenses and profit. So does the sale value include the expense component also? Does this mean we are calculating tax on top of the expense+profit amount?
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