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<h1>Value determination for supplies: prioritise open market value and defined fallback methods, with linked input tax credit rules.</h1> The amendment prescribes a hierarchical framework for Determination of Value of Supply, prioritising open market value, known monetary consideration plus equivalent value for non-monetary consideration, comparable supplies, and then cost-based uplift or residual methods. It defines special valuation rules for barter, currency exchange, air ticketing, life insurance, second-hand goods, vouchers and pure agent recoveries. Detailed documentary and procedural conditions for claiming and reversing Input Tax Credit, distribution by Input Service Distributors, invoicing requirements and electronic return, refund and audit formalities are also prescribed.
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