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 between related persons: open market value governs; invoice deemed market value if recipient claims full input tax credit.
Supplies between related persons must be valued by applying open market value; if open market value is not available, value of like goods or services applies, and thereafter prescribed fallback rules govern. Where the recipient is eligible for full input tax credit, the invoice value is deemed to be the open market value. The statute defines related persons by ownership, control, partnership, officer/director relationships, employer-employee links, common control and family membership. Clarification on the precise meaning of open market value and availability of cost based valuation is pending.