GST Tip – 216

As per the Determination of Value of Supply Rules, the formula is given to derive the tax amount from the total value of supply in cases where the value of supply includes GST taxes.  Tax amount= Value inclusive of taxes X tax rate in % of IGST or as the case may be CGST, SGST or UTGST divided by (100+ sum of tax rates, as applicable, in %).

 

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GST Tip – 214

As per the Determination of the Value of Supply Rules, the value of supply in case of single premium policies, the value of supply is 10% of the premium paid by the policyholder.