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of <h1>Understanding Taxable Supply Value Under Punjab GST Act 2017: Transaction Value, Discounts, and Related Person Definitions</h1> The Punjab Goods and Services Tax Act, 2017, 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. The value includes taxes, fees, expenses, interest, penalties, and subsidies linked to the price, excluding government subsidies. Discounts are excluded if recorded in the invoice or agreed upon before supply and linked to invoices. If the value cannot be determined, prescribed methods apply. Related persons include business partners, employers, employees, and those with significant control or ownership in each other's businesses.
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