Valuation of warehoused goods: integrated tax and compensation cess based on higher of prescribed value or transaction value. The amendment requires that where warehoused goods are sold before clearance, the value for calculating integrated tax and compensation cess is the higher of the value determined under the existing valuation sub-section or the transaction value; for part sales a proportionate value applies, and where goods are sold multiple times the transaction value of the last sale governs. Unsold goods remain valued under existing provisions. 'Transaction value' is defined as the amount paid or payable as consideration for the sale.
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Valuation of warehoused goods: integrated tax and compensation cess based on higher of prescribed value or transaction value.
The amendment requires that where warehoused goods are sold before clearance, the value for calculating integrated tax and compensation cess is the higher of the value determined under the existing valuation sub-section or the transaction value; for part sales a proportionate value applies, and where goods are sold multiple times the transaction value of the last sale governs. Unsold goods remain valued under existing provisions. "Transaction value" is defined as the amount paid or payable as consideration for the sale.
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