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<h1>Transaction value governs GST: use the price paid where parties are unrelated and price is the sole consideration.</h1> Valuation for GST is governed by the concept of transaction value, defined as the price paid or payable when parties are not related and price is the sole consideration. The statutory framework prescribes inclusions and exclusions to this transaction value; for example, refundable deposits are excluded and discounts are excluded only if allowed subject to prescribed conditions before or at the time of supply.