Transaction value rule determines GST taxable supply value; includes taxes, incidental expenses, subsidies and excludes specified discounts.

The value of taxable supply is the transaction value-price actually paid or payable where parties are not related and price is sole consideration. Value includes specified taxes and charges (excluding this Act and certain central GST Acts), amounts paid by recipient on supplier's behalf, incidental expenses, interest/late fees, and subsidies directly linked to price. Discounts recorded in invoice or provided under pre-existing agreement with reversal of corresponding input tax credit are excluded. Prescribed methods apply when transaction value cannot be determined and notified supplies are valued as prescribed. The provision defines related persons and includes legal persons.

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