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of <h1>Section 15 of CGST Act: Defines transaction value for taxable supply, includes costs and discounts, with special rules for related parties.</h1> The Central Goods and Services Tax Act, 2017, Section 15, defines the value of a taxable supply as 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 taxes, duties, fees, charges, supplier-incurred expenses, incidental expenses, interest, penalties, and certain subsidies. Discounts are excluded if recorded in invoices or agreed upon before supply. If the value cannot be determined, prescribed methods apply. Related persons are defined by business relationships, ownership, control, or family ties, and legal persons are included in this definition.
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