Manipur GST amendment prescribes hierarchical valuation methods, special valuation rules, and pure agent exclusions for taxable supplies. The amendment inserts Chapter IV establishing a hierarchical method to determine value of supply where consideration is not wholly in money, between related/distinct persons or through agents, including open market value, known money equivalent, value of like goods/services, cost based (110% of cost) and residual methods; prescribes special valuation rules for currency exchange, air travel agent commissions, life insurance, second hand goods, vouchers and pure agent exclusions; and fixes exchange rate and tax inclusive extraction formulas for valuation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Manipur GST amendment prescribes hierarchical valuation methods, special valuation rules, and pure agent exclusions for taxable supplies.
The amendment inserts Chapter IV establishing a hierarchical method to determine value of supply where consideration is not wholly in money, between related/distinct persons or through agents, including open market value, known money equivalent, value of like goods/services, cost based (110% of cost) and residual methods; prescribes special valuation rules for currency exchange, air travel agent commissions, life insurance, second hand goods, vouchers and pure agent exclusions; and fixes exchange rate and tax inclusive extraction formulas for valuation.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
