What is the difference between invoice value and taxable value?
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Invoice value
Replies (2)
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/-
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Invoice value - 11,800/-
for i.e
sold goods for Rs 10000/- Tax 18%
Taxable value - 10000/-
Tax 18 %. - 1800/-
--------------------------------
Invoice value - 11,800/-
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
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