Value of supply defined by transaction value; includes taxes, incidental charges and subsidies, subject to discount conditions.

Value of supply is the transaction value-the price actually paid or payable when supplier and recipient are not related persons and price is sole consideration. Value includes separately charged taxes and duties (other than GST), amounts paid by recipient on supplier's behalf, incidental expenses like commission and packing, charges for acts done at or before delivery, interest or penalties for delayed payment, and subsidies directly linked to price. Discounts properly invoiced or agreed and accompanied by reversal of attributable input tax credit are excluded. Prescribed methods apply where transaction value cannot be determined.

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