How to differentiate Non-taxable supply with Value of supply?
What is Non-taxable supply? How does Value of supply work under GST regime? What are the difference between Non-taxable supply and Value of supply?
Under GST system, the following information explains about Non-taxable supply and Value of supply.
As per GST terms, Non-taxable supply means a supply of goods or services or both which is not leviable to tax under this Act or under the Integrated Goods and Services Tax Act. Value of supply means goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply.
The details about Non-taxable supply and Value of supply with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Non-taxable supply and Value of supply, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Non-taxable supply and Value of supply separately below. You may kindly read the below links to know more about Value of supply and Non-taxable supply.
Term non-taxable supply under GST
value of supply under GST
The above information easily explains about Value of supply and Non-taxable supply.
We hope, you have satisfied with the difference between Non-taxable supply and Value of supply explained above. Do you have different thought on difference between Value of supply and Non-taxable supply?
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