Value of Supply refers to the total worth of goods or services provided by a business under the Goods and Services Tax (GST) law in India. It is the amount on which GST is calculated and paid to the government. This value generally includes the price charged for the goods or services plus any additional costs like packing, transportation, or installation, but excludes the GST itself. For small business owners and entrepreneurs, understanding the Value of Supply is crucial because it determines the correct tax liability during GST filings and compliance processes. Accurate calculation ensures smooth business registration and timely submission of returns, helping avoid penalties. For detailed guidance on calculating and managing the Value of Supply under GST, you can visit https://services.fintax24.in/3-gst.
Value of Supply