Goods and Services Tax – Started By: – Ramaswamy S – Dated:- 10-11-2017 Last Replied Date:- 22-3-2018 – Erstwhile Excise law the cost of the amortised value of tool is to be added to arrive at the transaction value as per Section 4 read with Valuation rules. Now under Section 15 of the CGST Act read with Rule 27 of the CGST Rules, it appears that the amortised cost ot the tool to be included in the value for GST. GOI Twitter reply to my tweet also says Yes to be included.The tweets of GOI have a disclaimer However, the customers mostly the MNC and auto giants are of the view that under the GST , the amortised cost of the tool is not includible to arrive at the value for GST. Seek your views. Regards S.Ramaswamy – Reply By MARIAPPAN GOVINDA
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
of cost amortized value of the tool need not be included in the transaction value. However the issue will get settled only through litigation. – Reply By CS SANJAY MALHOTRA – The Reply = Endorsed the views of Sh. Rajgopalan as is area of dispute. – Reply By Ramaswamy S – The Reply = The supplier himself manufactures the tool as per the design and specification of the customer. The tool so manufactured were used in the manufacture of components for the customer. Therefore, the amortised cost of the tool was added to the value of the component when the components were sold to the customer. In the erstwhile law , for the tools exemption under 67/95 CE was claimed and the Local VAT was charged to the customer (even if the customer was outside
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =