Corrigendum to Circular No. 07 dated 31st December, 2018 issued vide endorsement No. PS/CST/Circular/2018/GST/ 4057-67-Reg.

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..... Corrigendum to Circular No. 07 dated 31st December, 2018 issued vide endorsement No. PS/CST/Circular/2018/GST/ 4057-67-Reg. Vide serial number 5 of Circular No. 07 dated 31st December, 2018, it was clarified that the taxable value for the purposes of GST shall include the Tax Collected at Source (TCS) amount collected under the provisions of the Income Tax Act as the value to be paid to .....

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..... cted at source (TCS) under the Provisions of the Income Tax Act, 1961 ? 1. Section 15(2) of JKGSTAct specifies that the value of supply shall include any taxes, duties cesses, fees and charges levied under any law for the time being in force other than this Act, the SGST Act, the UTGST Act and the GST (Compensation to States) Act, if charged separately by the suppplier. .....

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..... to States) Act, if charged separately by the suppplier. 2. For the purpose of determination of value of supplyunder GST, Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961 would not be includible as it is an interim levy not having the character of tax. 2. Difficulty, if any, in .....

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