What is the difference between invoice value and taxable value?
2 Replies
prasad Nilugal
(3914 Points)
Replied 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/-
for i.e
sold goods for Rs 10000/- Tax 18%
Taxable value - 10000/-
Tax 18 %. - 1800/-
--------------------------------
Invoice value - 11,800/-
RENU SHARMA
(1388 Points)
Replied 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
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