Value of supply: transaction value governs GST valuation, with specified inclusions, discount exclusions, and prescribed fallback rules. Value of supply is the transaction value-price actually paid or payable where parties are not related and price is sole consideration. The value includes taxes and other externally levied charges, amounts borne by the recipient, incidental expenses, interest or late fees, and subsidies directly linked to price. Discounts recorded on invoice or established by pre supply agreement with reversal of attributable input tax credit are excluded. Where transaction value cannot be determined, prescribed valuation rules apply, and notified supplies are valued as prescribed. The Act gives a broad definition of related persons.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Value of supply: transaction value governs GST valuation, with specified inclusions, discount exclusions, and prescribed fallback rules.
Value of supply is the transaction value-price actually paid or payable where parties are not related and price is sole consideration. The value includes taxes and other externally levied charges, amounts borne by the recipient, incidental expenses, interest or late fees, and subsidies directly linked to price. Discounts recorded on invoice or established by pre supply agreement with reversal of attributable input tax credit are excluded. Where transaction value cannot be determined, prescribed valuation rules apply, and notified supplies are valued as prescribed. The Act gives a broad definition of related persons.
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