Transaction value determines taxable supply; inclusions, discounts, and related-party rules govern GST valuation and adjustments.

The provision sets transaction value as the primary method to value taxable supplies when parties are not related persons and the price is sole consideration, specifies inclusions (other taxes, recipient-incurred amounts, incidental expenses, interest/penalties, and directly linked subsidies received by the supplier), excludes certain invoice-recorded or post-supply agreement-linked discounts where input tax credit is reversed, provides for prescribed alternate valuation methods when transaction value cannot be determined, and defines related persons comprehensively.

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