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of <h1>Understanding GST Valuation: Key Provisions, Inclusions, and Special Rules Under the CGST Act and Rules</h1> The GST valuation provisions under the CGST Act and Rules determine the taxable value of goods and services, primarily based on transaction value, provided parties are unrelated and price is the sole consideration. Compulsory inclusions in taxable value include non-GST taxes, recipient-incurred expenses, and non-government subsidies. Discounts are excluded if pre-agreed and linked to invoices. For non-monetary considerations, values are determined by open market value, like-kind supply, cost plus markup, or reasonable means. Special rules apply for related parties, agents, and specific services like foreign currency exchange, air travel, insurance, second-hand goods, vouchers, and lotteries. The RBI reference rate is used for currency exchange valuation.
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