if we are supplying 3 goods in one invoice taxed at different rates like rice @ 0%, branded rice @ 5%, pasta @ 18% in one invoice then what should be tax rate on freight?
if we are supplying 3 goods in one invoice taxed at different rates like rice @ 0%, branded rice @ 5%, pasta @ 18% in one invoice then what should be tax rate on freight?
| Originally posted by : Vikas Gupta | ||
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what act says is..it will be added in transaction value..hence should be proportionately added in every product value and should be taxed accordingly |  |
Chapter III,
Sec 8. :
The tax liability on a composite or a mixed supply shall be determined in the following manner, namely:—
(a) a composite supply comprising two or more supplies, one of which is a principal supply, shall be treated as a supply of such principal supply; and
(b) a mixed supply comprising two or more supplies shall be treated as a supply of that particular supply which attracts the highest rate of tax.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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