Value of Taxable Supplies
Value of Taxable Supplies = Value of invoices + (Value of debit notes – Value 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