Budget updates move fast, keep up with CAclubindia Pro. Subscribe today!

Invoice value

122 views 2 replies

Ritik Chopra

student

8138 Points Joined October 2017

What is the difference between invoice value and taxable 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/-
--------------------------------
Invoice value - 11,800/-

RENU SHARMA

1388 Points Joined September 2020

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