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of <h1>Understanding Rule 35: Calculating Tax-Inclusive Supply Values Under GST Rules 2017 with Key Definitions Explained</h1> Rule 35 of the Central Goods and Services Tax Rules, 2017, addresses the determination of the value of supply inclusive of various taxes such as integrated, central, state, and union territory taxes. The tax amount is calculated using the formula: Tax amount = (Value inclusive of taxes X tax rate in % of IGST, CGST, SGST, or UTGST) : (100 + sum of tax rates, as applicable, in %). 'Open market value' refers to the full monetary value excluding taxes when the supplier and recipient are unrelated, and 'supply of like kind and quality' pertains to similar goods or services in terms of characteristics and reputation.
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