Goa GST rules amendment: valuation, input tax credit, invoicing, returns and refunds updated effective July 1, 2017. The amendment prescribes a hierarchical value of supply regime prioritising open market value, then aggregation of monetary and equivalent non-monetary consideration, comparison with like-kind supplies, and fallback to cost-plus (110% of cost) or reasonable methods. It establishes specific valuation treatments for foreign exchange, travel agent commissions, life insurance, second hand goods, vouchers and pure agents. It also sets detailed input tax credit rules: documentary bases, invoice/return conditions, reversal for non payment within 180 days, attribution formulas for mixed use and capital goods (five year useful life with periodic reductions), ISD distribution mechanics, and annual finalisation and interest consequences.
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Goa GST rules amendment: valuation, input tax credit, invoicing, returns and refunds updated effective July 1, 2017.
The amendment prescribes a hierarchical value of supply regime prioritising open market value, then aggregation of monetary and equivalent non-monetary consideration, comparison with like-kind supplies, and fallback to cost-plus (110% of cost) or reasonable methods. It establishes specific valuation treatments for foreign exchange, travel agent commissions, life insurance, second hand goods, vouchers and pure agents. It also sets detailed input tax credit rules: documentary bases, invoice/return conditions, reversal for non payment within 180 days, attribution formulas for mixed use and capital goods (five year useful life with periodic reductions), ISD distribution mechanics, and annual finalisation and interest consequences.
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