Value of supply: transaction value principle defines taxable value and lists inclusions, exclusions, and valuation fallback.

Value of supply follows the transaction value rule: taxable value is the price actually paid or payable where parties are not related and price is sole consideration. Value includes separately charged non GST taxes, amounts the supplier is liable for but paid by recipient, incidental expenses, amounts charged for acts at or before delivery, interest or penalties for delayed payment, and subsidies directly linked to price. Discounts recorded on invoice or post supply discounts under pre agreement with reversal of attributable input tax credit are excluded. Prescribed methods apply where transaction value cannot be determined and for notified supplies; definitions of related persons and person determine applicability.

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