Invoice value

162 views
User Avatar

student
8138 Points Posted on 02 April 2021

What is the difference between invoice value and taxable value?

0 Reply Share Follow
On 02 April 2021 at 22:01 Report
Replies (2)
Quick Summary
This discussion clarifies the distinction between invoice value and taxable value. The taxable value is the base amount on which tax is calculated, while the invoice value is the total amount due, including the tax itself. For example, on goods worth £10,000 with an 18% tax rate, the taxable value is £10,000, the tax is £1,800, and the total invoice value is £11,800.

User Avatar

3924 Points Posted on 02 April 2021
We have to charge Tax on Taxable value and Invoice value is Taxable value + Tax .
for i.e

sold goods for Rs 10000/- Tax 18%

Taxable value - 10000/-
Tax 18 %. - 1800/-
--------------------------------
Invoice value - 11,800/-
Reply
On 02 April 2021 at 22:23
User Avatar

1388 Points Posted on 02 April 2021
Invoice value is the total amount of the invoice means basic amout means taxable value on which we have to pay tax for example 1000(taxable value) + 50 (tax 5%) is invoice value=1050
Reply
On 02 April 2021 at 23:59

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. TDS on property
  2. Company data for software
  3. Car purchase to be eligible for ITC
  4. GST Refund on payment to builder
  5. TDS u/s 194Q on electricity supply by DHBVN etc.
  6. Subject: Can I Apply for Fresh GST Registration on
  7. Additional place in GST RC
  8. Company 3 months old, INC-20A not filed, all 3 of
  9. How do I choose the Best GST Lawyers in New Delhi
  10. Loss on sale of residential flat after indexing al

More recent discussions | Post

Related Topics :

Loading