Transaction value governs GST levy, with prescribed inclusions, exclusions and valuation rules for related or non-monetary supplies. GST valuation is ordinarily based on the transaction value, the price paid or payable where parties are unrelated and price is sole consideration. Section 15 prescribes inclusions and exclusions to transaction value; valuation rules apply when value cannot be determined under section 15(1). Where consideration is not wholly in money or parties are related, value is determined by open market value, then like-kind value, then cost-based valuation, and finally the residual method. Special rules govern second-hand goods, repossessed goods, works contracts, lotteries, vouchers, foreign exchange services, agency relationships and pure agent exclusions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transaction value governs GST levy, with prescribed inclusions, exclusions and valuation rules for related or non-monetary supplies.
GST valuation is ordinarily based on the transaction value, the price paid or payable where parties are unrelated and price is sole consideration. Section 15 prescribes inclusions and exclusions to transaction value; valuation rules apply when value cannot be determined under section 15(1). Where consideration is not wholly in money or parties are related, value is determined by open market value, then like-kind value, then cost-based valuation, and finally the residual method. Special rules govern second-hand goods, repossessed goods, works contracts, lotteries, vouchers, foreign exchange services, agency relationships and pure agent exclusions.
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