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of <h1>Understanding Taxable Supply Value Under Model GST Law: Transaction Value, Inclusions, and Exclusions Explained</h1> The value of a taxable supply under the Model GST Law is primarily the transaction value, which is the price paid or payable when the supplier and recipient are unrelated and the price is the sole consideration. It includes additional charges such as taxes, fees, liabilities incurred by the recipient, incidental expenses, interest, penalties for late payments, and non-governmental subsidies. Discounts are excluded if recorded in the invoice or agreed upon before supply and linked to relevant invoices. If the transaction value cannot be determined, it will be prescribed by the government. Certain supplies may have values determined by government notification.
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