{"id":135,"date":"2018-08-21T09:34:55","date_gmt":"2018-08-21T09:34:55","guid":{"rendered":"http:\/\/khannaandassociates.com\/blog\/?p=135"},"modified":"2018-09-03T08:02:39","modified_gmt":"2018-09-03T08:02:39","slug":"section-15-value-of-taxable-supply-of-cgst-act-2017","status":"publish","type":"post","link":"https:\/\/khannaandassociates.com\/blog\/section-15-value-of-taxable-supply-of-cgst-act-2017\/","title":{"rendered":"Section 15 – Value of taxable supply of CGST ACT, 2017"},"content":{"rendered":"

Section 15 – Value of taxable supply of CGST ACT, 2017<\/p>\n

    \n
  1. (1) The value of a supply of goods or services or both shall be the transaction
    \nvalue, which is the price actually paid or payable for the said supply of goods or services or
    \nboth where the supplier and the recipient of the supply are not related and the price is the
    \nsole consideration for the supply.
    \n(2) The value of supply shall include\u2013\u2013\u2013
    \n(a) any taxes, duties, cesses, fees and charges levied under any law for the time
    \nbeing in force other than this Act, the State Goods and Services Tax Act, the Union
    \nTerritory Goods and Services Tax Act and the Goods and Services Tax (Compensation
    \nto States) Act, if charged separately by the supplier;
    \n(b) any amount that the supplier is liable to pay in relation to such supply but
    \nwhich has been incurred by the recipient of the supply and not included in the price
    \nactually paid or payable for the goods or services or both;
    \n(c) incidental expenses, including commission and packing, charged by the
    \nsupplier to the recipient of a supply and any amount charged for anything done by the
    \nsupplier in respect of the supply of goods or services or both at the time of, or before
    \ndelivery of goods or supply of services;
    \n(d) interest or late fee or penalty for delayed payment of any consideration for
    \nany supply; and
    \n(e) subsidies directly linked to the price excluding subsidies provided by the
    \nCentral Government and State Governments.
    \nExplanation.\u2013\u2013For the purposes of this sub-section, the amount of subsidy
    \nshall be included in the value of supply of the supplier who receives the subsidy.
    \n(3) The value of the supply shall not include any discount which is given\u2013\u2013
    \n(a) before or at the time of the supply if such discount has been duly recorded in
    \nthe invoice issued in respect of such supply; and
    \n(b) after the supply has been effected, if\u2014
    \n(i) such discount is established in terms of an agreement entered into at or
    \nbefore the time of such supply and specifically linked to relevant invoices; and
    \n(ii) input tax credit as is attributable to the discount on the basis of
    \ndocument issued by the supplier has been reversed by the recipient of the
    \nsupply.<\/li>\n<\/ol>\n

    (4) Where the value of the supply of goods or services or both cannot be determined
    \nunder sub-section (1), the same shall be determined in such manner as may be prescribed.
    \n(5) Notwithstanding anything contained in sub-section (1) or sub-section (4), the
    \nvalue of such supplies as may be notified by the Government on the recommendations of the
    \nCouncil shall be determined in such manner as may be prescribed.
    \nExplanation.\u2014For the purposes of this Act,\u2013\u2013
    \n(a) persons shall be deemed to be \u201crelated persons\u201d if\u2013\u2013
    \n(i) such persons are officers or directors of one another\u2019s businesses;
    \n(ii) such persons are legally recognised partners in business;
    \n(iii) such persons are employer and employee;
    \n(iv) any person directly or indirectly owns, controls or holds twenty-five
    \nper cent. or more of the outstanding voting stock or shares of both of them;
    \n(v) one of them directly or indirectly controls the other;
    \n(vi) both of them are directly or indirectly controlled by a third person;
    \n(vii) together they directly or indirectly control a third person; or
    \n(viii) they are members of the same family;
    \n(b) the term \u201cperson\u201d also includes legal persons;
    \n(c) persons who are associated in the business of one another in that one is the
    \nsole agent or sole distributor or sole concessionaire, howsoever described, of the
    \nother, shall be deemed to be related.<\/p>\n

     <\/p>\n

     <\/p>\n

     <\/p>\n

    \u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    Section 15 – Value of taxable supply of CGST ACT, 2017 (1) The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply … Continue reading “Section 15 – Value of taxable supply of CGST ACT, 2017”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"_links":{"self":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/135"}],"collection":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/comments?post=135"}],"version-history":[{"count":1,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/135\/revisions"}],"predecessor-version":[{"id":136,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/135\/revisions\/136"}],"wp:attachment":[{"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/media?parent=135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/categories?post=135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/khannaandassociates.com\/blog\/wp-json\/wp\/v2\/tags?post=135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}