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of <h1>Understanding Section 15: Valuation of Taxable Supplies Under Karnataka GST Act 2017 Includes Various Costs and Discounts</h1> The Karnataka Goods and Services Tax Act, 2017, Section 15 outlines the valuation of taxable supplies. The value is primarily the transaction value, which is the price paid or payable when the supplier and recipient are unrelated and price is the sole consideration. It includes taxes (excluding certain GST acts), expenses borne by the recipient, incidental expenses, interest, penalties, and non-government subsidies. Discounts are excluded if documented at supply time or established by prior agreement with reversed input tax credit. If the value cannot be determined, it follows prescribed methods. Related persons are defined by business relationships, control, or family ties.
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