Taxability Of Invoices In India
In India, invoices are not taxed directly. Instead, taxes such as GST (Goods and Services Tax) or VAT (Value Added Tax) are levied on the value of goods or services mentioned in the invoice. The tax amount is calculated based on the applicable tax rate and added to the invoice amount, which is then paid by the recipient of the goods or services. The seller is responsible for collecting the tax from the buyer and subsequently submitting it to the government.. The invoice serves as a record of the transaction and is used for accounting and tax purposes. The taxability of invoices depends on GST rate in India.
To Visit https://www.gst.gov.in/
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