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of <h1>Explaining Key Terms and Transaction Value Under GST Valuation Rules 2016: Section 15 of CGST Act</h1> These rules define key terms for the GST Valuation Rules, 2016. 'Act' refers to the IGST, CGST, or SGST Acts. 'Goods of like kind and quality' are those similar in characteristics, quality, and reputation, and commercially interchangeable with the goods being valued, whether supplied by the same or a different person. 'Services of like kind and quality' are defined similarly for services. 'Transaction value' is the value of goods and/or services as per section 15 of the CGST Act. Undefined terms in these rules will have meanings assigned in the Act.
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