Section 15 - Value of taxable supply

Value of supply rules: transaction value governs taxable value, including ancillary charges and linked subsidies, subject to invoice discounts.

Value of supply is the transaction value-price actually paid or payable where parties are not related and price is the sole consideration. The value includes certain taxes and charges other than GST, amounts borne by the recipient but payable by the supplier, incidental expenses (commission, packing), interest or penalties for delayed payment, and subsidies directly linked to the price (included for the subsidy recipient). Discounts are excluded if recorded on invoice at or before supply, or if post-supply discounts are under pre-existing agreements with reversal of attributable input tax credit. Prescribed rules apply where transaction value cannot be determined.