valuation for related person

[Arun Aggarwal]

Sir

I would like to knows the procedure of valuation under GST regime as compare to the excise rules of today, in the case where intermidate goods manufactured and supplies to a related firm and valuation done as per CAS 4 and charged accordingly.

Tnx

AI Summary

Valuation of Intermediate Goods Under GST: Challenges with Related Parties and Sections 15(1) & 15(4) of CGST Act. A discussion on the valuation of intermediate goods under the GST regime compared to previous excise rules, specifically for supplies to related firms. The initial query seeks clarity on valuation procedures, referencing CAS 4. Responses highlight the lack of clear guidelines under GST, with references to Sections 15(1) and 15(4) of the CGST Act, 2017, which outline transaction value and the need for prescribed rules when determining value for related parties. Draft rules suggest using open market value or like-kind quality value, with further clarification needed on these terms. The definition of 'related persons' under the CGST Act is also discussed.