Jitendra Ltd., of Delhi, a registered supplier, is manufacturing taxable goods. It provides the following details of taxable supply made by it for the month of March, 2019 : Particulars Amount (₹) List price of goods sup
CS Professional · Advanced Tax Laws · PYQS · June 2019
Jitendra Ltd., of Delhi, a registered supplier, is manufacturing taxable goods. It provides the following details of taxable supply made by it for the month of March, 2019 : Particulars Amount (₹) List price of goods supplied (exclusive of taxes and discount) 12,00,000 Subsidy received from Central Government for supply of taxable goods to Government school. Directly linked to price 1,10,000 CGST and SGST chargeable on the goods 50,000 Tax levied by Municipal Authority 25,000 Secondary packing charged 10,000 Note: (i) Jitendra Ltd. offers 2% discount on the list price of the goods which is recorded in the invoice for the goods. (ii) The list price of the goods is after considering the subsidy received from Central Government. However, the other charges/taxes/fee are charged to the customers over and above the list price. Calculate the value of taxable supply made by Jitendra Ltd. for the month of March, 2019.
Answer & Explanation:
Computation of value of taxable supply made by Jitendra Ltd. for the month of March, 2019 Particulars Amount (₹) List price of the goods 12,00,000 Less: Discount 2% of 12,00,000 [Since discount is known at the time of supply, it is deductible from the value in terms of section 15(3)(a) of the CGST Act, 2017] (-) 24,000 Subsidy of ₹1,10,000 received from Central Government [not includible in the value in terms of section 15 of the CGST Act, 2017] Nil CGST and SGST of ₹50,000 chargeable on the goods [not includible in the value as per section 15(2)(a) of the CGST Act, 2017] Nil Tax levied by the Municipal Authority [includible in the value as per section 15 of the CGST Act, 2017] 25,000 Secondary packing charged [being incidental expenses, the same are includible in the value as per section 15 of the CGST Act, 2017] 10,000 Value of taxable supply 12,11,000
Topics: GST
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