Determining Taxable Supply Value Under Jammu and Kashmir GST Act: Key Inclusions and Exclusions in Transaction Value
The value of a taxable supply under the Jammu and Kashmir Goods and Services Tax Act, 2017, is determined by the transaction value, which is the price paid or payable when the supplier and recipient are unrelated and the price is the only consideration. The value includes taxes, fees, expenses, interest, penalties, and subsidies linked to the price, excluding government subsidies. Discounts are excluded if documented at the time of supply or established by agreement and linked to invoices. If the value cannot be determined, it is prescribed by law. Related persons include those with business, control, or familial ties.
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