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of <h1>Understanding GST: Transaction Value Under Section 15 of CGST Act 2017 Includes Incidental Expenses for Taxable Supply</h1> The value of taxable supply for GST purposes is determined on an ad-valorem basis, meaning it is a percentage of the supply's value. According to Section 15 of the CGST Act 2017, the value is the transaction value, which is the price actually paid or payable when the supplier and recipient are unrelated, and the price is the sole consideration. Transaction value includes costs like scrap or by-products retained by job workers. GST applies to these values, regardless of exemptions on by-products. An example illustrates that incidental expenses are included in the transaction value for GST calculation.
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