Value of Taxable Supplies Calculation

Value of Taxable Supplies

Value of Taxable Supplies = Value of invoices + (Value of debit notesValue of credit notes) + (Value of
advances received for which invoices have not been issued in the same month *Value of advances
adjusted against invoices**)
* to be included in the Value of Taxable Supplies as taxes needs to on advance receipts for a future sale or supply.
** Advance receipts on which tax has already been paid and which must be excluded from the original invoice value to avoid
double taxation.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s