As a federal nation, the Constitution has empowered the central government to levy taxes and duties on manufacturing and providing services. State governments do this by way of charging taxes on interstate sale of goods and services where goods are being transported between several states and therefore fall under several jurisdictions. In case of such…
GST Invoicing can be broadly classified under two heads – Tax Invoice Bill Of Supply Issued by a registered taxable person Issued by a registered taxable person Issued for the supply of a taxable good or service Issued for the supply of an exempted good or service or for the supply by a composite taxpayer …
Valuing a good or service enables understanding its total cost, including the amount of tax that is required to be levied on it. Both the monetary and non-monetary value of supply needs to be duly computed. In case of undervaluation, tax paid is lesser and this results in non-compliance with state and central laws, loss…