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of <h1>Method to extract tax from tax-inclusive prices and define open market value and 'like kind and quality' supplies</h1> Where the price is tax-inclusive, the tax component is computed as: (value inclusive of taxes × applicable tax rate %) / (100 + sum of applicable tax rates). The rule defines 'open market value' as the monetary price excluding integrated/central/state/UT tax and cess, paid in an arm's-length transaction where price is sole consideration, and 'supply of like kind and quality' as another supply made under similar circumstances substantially resembling the characteristics, quality, quantity, functional components, materials and reputation of the supply being valued.
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