Dear friends,
U/s 15 of CGST Act, taxable value of supply includes taxes, duties, cesses, fees & charges levied under any Act, other than:
[1] CGST Act, [2] SGST Act, [3] UTGST Act & [4] GST (Compensation to States) Act.
Interestingly, there is no mention of tax under IGST Act in exceptions, which could lead to interpretation that value of supply includes integrated tax.
The charging section 5 of IGST Act refers to value of supply u/s 15 of CGST Act as basis of charging integrated tax.
Would somebody shed some light on this?
CAclubindia
