Deepak Gupta
(CA Student)
(15922 Points)
Replied 30 August 2017
‘Invoice Value’ includes GST and ‘Taxable Value’ excludes GST (i.e. assessable value on which GST is computed).
CA Stalin
(CA in Full time practice)
(232 Points)
Replied 02 September 2017
I hope Deepak's reply is based on general understanding. However, on a read of an article on GST Valuation by the GST Council, you could conclude that in most cases both the invoice value and taxable value are same.
Refer https://gstcouncil.gov.in/sites/default/files/Fliers/eflier-valuation-gst27062017.pdf
"Under GST law, taxable value is the transaction value i.e. price actually paid or payable, provided the supplier & the recipient are not related and price is the sole consideration. In most of the cases of regular normal trade, the invoice value will be the taxable value. However, to determine value of certain specific transactions, Determination of Value of Supply rules have been prescribed in CGST Rules, 2017".
tyagoo
(proprietor)
(38 Points)
Replied 21 October 2017
IN THE OFFLINE EXCEL TEMPLATE PROVIDED BY THE GST PORTAL THE DUMMY TAXABLE VALUE AND INVOICE VALUE ENTERED IS DIFFERENT. TAXABLE VALUE IS WITHOUT GST TAX AND THE INVOICE AMOUNT IS GST ADDED.SO TAXABLE AMOUNT AND INVOICE AMOUNT ARE DIFFERENT MORE OVER IF BOTH THE INVOICE VALUE AND TAXABLE VALUE ARE SAME THERE IS NO NEED FOR THE SUPPLIER TO ENTER THE INVOICE AMOUNT SEPERATELY AND TAXABLE AMOUNT SEPERATELY. NO NEED TO PROVIDE TWO COLUMNS.
Sukanya N
(2 Points)
Replied 12 January 2018
"Under GST law, taxable value is the transaction value i.e. price actually paid or payable, provided the supplier & the recipient are not related and price is the sole consideration. In most of the cases of regular normal trade, the invoice value will be the taxable value. However, to determine value of certain specific transactions, Determination of Value of Supply rules have been prescribed in CGST Rules, 2017".
Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=421356#reply
The above article is for valuation purpose as per my understanding. Generally Total Invoice Value will include Taxable value + Taxes.
Kartikey Jain
(Intern)
(2382 Points)
Replied 04 July 2018
With regards to GST returns, Taxable value is the value on which GST shall be computed and thus
Taxable value + GST = Invoice Value
In contrast, if one has to value the supply on which GST is to be charged, valuation rules have simply stated that the invoice value/ transaction value shall be the taxable value.
Both of these relate to completely different subject matters. Please don't get confused due to usage of the same terminology.
Sameer Darne
(4 Points)
Replied 29 May 2019
Sameer Darne
(4 Points)
Replied 29 May 2019
Dear Sir, I am exporting goods Under LUT Bond. I have charge Export Freight & Insurance charges to my Byuer. The Freight & Insurance charges shown seperatly on my Sales Invoice. In such case is my taxable value includes Freight & Insurance charges? or I have to mentioned only Total goods amount in taxable value ? In such case my Total Invoice value & Taxable value Differ
Dheeraj Aggarwal
(student)
(22 Points)
Replied 05 August 2019
Sir,
I am also looking answer of query same as raised by you , If you got solution please reply me at dheerajkaggarwal @ yahoo.com or call /whatsapp me at 9974062640
Thanks
Dheeraj Aggarwal
9974062640
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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