https://www.taxtmi.com/notifications?id=121326 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. en-us Fri, 30 Jun 2017 00:00:00 +0530 Fri, 04 Aug 2017 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=121326 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. Notifications GST - States Fri, 30 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/notifications?id=121326