GST cost valuation standard sets rules for measuring production, acquisition, and service costs for certified cost statements. Prescribes principles for determining cost of production, cost of acquisition, cost of supply, and cost of provision of services for GST valuation purposes, to ensure uniformity, consistency, transparency, and accuracy where transaction value, open market value, or like-kind value is not available or not verifiable. It sets out rules for identifying and measuring cost elements, assigning costs by traceability, cause and effect, or benefits received, and absorbing overheads with reference to normal capacity or actual capacity utilization, while excluding abnormal costs, finance costs, impairment loss, and imputed costs. It also requires prescribed cost statements, management authentication, Cost Accountant certification, and material disclosures.