Valuation in GST

Guidance on GST Valuation: Transaction Value Use, Section 15 Inclusions/Exclusions, and GST Valuation Rules for Special Cases.

The document provides detailed guidance on the valuation of taxable supplies under the Goods and Services Tax (GST) framework. It emphasizes that the transaction value, the price paid or payable for goods or services, is typically used for GST valuation when parties are unrelated and price is the sole consideration. Section 15 of the CGST/SGST Act outlines inclusions and exclusions from this value, such as discounts and refundable deposits. The document further explains the application of GST Valuation Rules in cases where transaction value is unreliable, such as related party transactions or when consideration is not entirely monetary. Specific valuation methods are detailed for various scenarios, including second-hand goods, repossessed items, works contracts, lotteries, betting, imports, and services like air travel and life insurance. The text also clarifies the roles and valuation implications of agents, pure agents, and del-credere agents in GST transactions.