Erstwhile Excise law the cost of the amortised value of tool is to be added to arrive at the transaction value as per Section 4 read with Valuation rules.
Now under Section 15 of the CGST Act read with Rule 27 of the CGST Rules, it appears that the amortised cost ot the tool to be included in the value for GST.
GOI Twitter reply to my tweet also says Yes to be included.The tweets of GOI have a disclaimer
However, the customers mostly the MNC and auto giants are of the view that under the GST , the amortised cost of the tool is not includible to arrive at the value for GST.
Seek your views.
Regards
S.Ramaswamy
Debate on Including Amortized Tool Costs in GST Value Under CGST Act; Implications for Input Tax Credit and Litigation. In a discussion about the inclusion of the amortized cost of tools in the value for GST, participants debated whether this cost should be included under the CGST Act and Rules. One viewpoint, supported by a government response, suggests inclusion, while another, mainly from multinational corporations, argues against it. Some participants believe that if the tool is supplied free of cost, its amortized value should not be included. The discussion also touches on the implications for Input Tax Credit (ITC) and potential litigation, with some suggesting that including the cost could prevent legal issues. (AI Summary)
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