{"id":3995,"date":"2020-03-22T09:47:07","date_gmt":"2020-03-22T09:47:07","guid":{"rendered":"https:\/\/commerceiets.com\/?p=3995"},"modified":"2020-03-22T09:47:07","modified_gmt":"2020-03-22T09:47:07","slug":"value-of-supply","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/value-of-supply\/","title":{"rendered":"VALUE OF SUPPLY"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_72 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/value-of-supply\/#MEANING\" title=\"MEANING\">MEANING<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/value-of-supply\/#INCLUSIONS_IN_VALUE_OF_SUPPLY\" title=\"INCLUSIONS IN VALUE OF SUPPLY\">INCLUSIONS IN VALUE OF SUPPLY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/value-of-supply\/#EXCLUSIONS_IN_THE_VALUE_OF_SUPPLY\" title=\"EXCLUSIONS IN THE VALUE OF SUPPLY\">EXCLUSIONS IN THE VALUE OF SUPPLY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/commerceiets.com\/value-of-supply\/#RULES_FOR_TAXABLE_VALUE_OF_SUPPLY_UNDER_GST\" title=\"RULES FOR TAXABLE VALUE OF SUPPLY UNDER GST\">RULES FOR TAXABLE VALUE OF SUPPLY UNDER GST<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/commerceiets.com\/value-of-supply\/#1_Purchase_or_Sale_of_Foreign_Currency\" title=\"1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or Sale of Foreign Currency\">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or Sale of Foreign Currency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/commerceiets.com\/value-of-supply\/#2_Booking_of_Tickets\" title=\"2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking of Tickets\">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking of Tickets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/commerceiets.com\/value-of-supply\/#3_Life_Insurance_Business\" title=\"3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance Business\">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance Business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/commerceiets.com\/value-of-supply\/#4_Buying_and_Selling_of_Second_Hand_Goods\" title=\"4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buying and Selling of Second Hand Goods\">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buying and Selling of Second Hand Goods<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/commerceiets.com\/value-of-supply\/#5_Token_Or_Voucher_or_Coupon_Or_Stamp\" title=\"5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Token Or Voucher or Coupon Or Stamp\">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Token Or Voucher or Coupon Or Stamp<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/commerceiets.com\/value-of-supply\/#6_Government_Notified_Service_Providers\" title=\"6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Notified Service Providers\">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Notified Service Providers<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"has-text-align-center wp-block-heading\"><span class=\"ez-toc-section\" id=\"MEANING\"><\/span><strong>MEANING<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/commerceiets.com\/gst\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Goods and Services Tax (opens in a new tab)\">Goods and Services Tax<\/a> will be charged on the value of <a href=\"https:\/\/commerceiets.com\/taxable-supply\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"supply (opens in a new tab)\">supply<\/a> made. <\/p>\n\n\n\n<p>Section 15 of <a href=\"https:\/\/commerceiets.com\/cgst\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"CGST (opens in a new tab)\">CGST<\/a> Act, 2017 provides the provisions for determining the value of goods and services. It provides the mechanism to know how to calculate the value of goods or services when supply of goods and services is made between unrelated persons and when the price is the sole consideration of the supply. Provisions of the value of supply under CGST act have also been made applicable to <a href=\"https:\/\/commerceiets.com\/what-is-igst\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"IGST  (opens in a new tab)\">IGST <\/a>Act vide Section 20 of the IGST Act.<\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\"><span class=\"ez-toc-section\" id=\"INCLUSIONS_IN_VALUE_OF_SUPPLY\"><\/span><strong>INCLUSIONS IN VALUE OF SUPPLY<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are certain elements which\nare required to be included in the value of taxable supply. These are as\nfollows:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Taxes, duties,cesses,fees and Charges<\/li><li>Amount incurred by recipient on behalf of supplier<\/li><li>Incidental expenses and amount charged for activities done before delivery<\/li><li>Delayed payment charges<\/li><li>Subsidies<\/li><\/ul>\n\n\n\n<p><strong>Taxes, Duties, Cesses, Fees and Charges<\/strong><\/p>\n\n\n\n<p>Value includes all the taxes, duties, cesses, fees and charges except the CGST, SGST, UTGST and GST cess if charged separately by the supplier. Thus we can say that GST and GST cess are not part of Taxable value but other taxes &amp; duties, cesses, fees and charges are part of the taxable value.<\/p>\n\n\n\n<p><strong>Amount incurred by recipient on behalf of supplier<\/strong><\/p>\n\n\n\n<p>Any amount paid by the recipient\nin relation to supply which is liable to be paid by the supplier then such\namount will become part of the taxable value. A supplier may need to incur some\nexpenses in relation to supply however if these expenses are directly paid by\nthe recipient then such expenses also needs to be included in the value of\ntaxable supply.<\/p>\n\n\n\n<p><strong>Incidental expenses and amount charged for activities done before delivery<\/strong><\/p>\n\n\n\n<p>It means any amount charged by\nsupplier for anything done by him for the supply of goods or services or both.\nIncidental expenses includes:<\/p>\n\n\n\n<p><strong>Commission:<\/strong><\/p>\n\n\n\n<p>Any commission paid to an agent by the supplier and recovered from the recipient for supply of goods or services or both will be the part of the value of taxable supply.<\/p>\n\n\n\n<p><strong>Inspection or certificate charges:<\/strong>&nbsp;<\/p>\n\n\n\n<p>This is another element that may be added to the value, if billed to the recipient of supply.<\/p>\n\n\n\n<p><strong>Packing :<\/strong>&nbsp;<\/p>\n\n\n\n<p>If the packing charges are charged by the supplier to the recipient then it is to be included in the value of supply.<\/p>\n\n\n\n<p><strong>Freight and other charges:&nbsp;<\/strong><\/p>\n\n\n\n<p>Where the supplier agrees to deliver the goods to the recipient and facilitate the transportation then the charges of freight will be the part of value of supply.<\/p>\n\n\n\n<p><strong>Delayed payment charges<\/strong><\/p>\n\n\n\n<p>Interest or late fee or any\npenalty for delayed payment of any consideration for supply of goods or\nservices is required to be included in the value of supply.<\/p>\n\n\n\n<p><strong>Subsidies<\/strong><\/p>\n\n\n\n<p>Any subsidy which is direct link\nto the supply will be the part of value of supply except subsidies provided by\nthe central government and state government.<\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\"><span class=\"ez-toc-section\" id=\"EXCLUSIONS_IN_THE_VALUE_OF_SUPPLY\"><\/span><strong>EXCLUSIONS IN THE VALUE OF SUPPLY<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are two types of discount\nwhich is required to be excluded from the value of supply:<\/p>\n\n\n\n<p><strong>Discount given on or before\nsupply:<\/strong>&nbsp;Any discount which is duly recorded in\nthe invoice and given before the time of supply is required to be excluded from\nthe value of taxable supply.<\/p>\n\n\n\n<p><strong>Discount given after the supply\n(Post supply discount): <\/strong>Any discount which is given after\nthe supply however such discount is already decided as per the agreement\nbetween supplier and the recipient before the time of supply and recipient has\nreversed the input tax credit on the value of discount then such discount value\nis required to be excluded from the value of taxable supply.<\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\"><span class=\"ez-toc-section\" id=\"RULES_FOR_TAXABLE_VALUE_OF_SUPPLY_UNDER_GST\"><\/span><strong>RULES FOR TAXABLE VALUE OF SUPPLY UNDER GST<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>RULE 27: IN CASE THE CONSIDERATION FOR A SUPPLY IS NOT COMPLETELY IN MONEY<\/strong><\/p>\n\n\n\n<p>There are cases where the\nconsideration for the supply of goods or services is not wholly in money. In\nsuch cases, the value of supply shall be:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Open market value of such a supply.<\/li><li>Total of consideration in money plus any amount in money which is equivalent to the consideration not in money. Provided the open market value is not known at the time of supply.<\/li><li>Value of goods or services that are equal in quality or kind to the goods or services supplied. Provided value of supply in clause 1 or 2 is not available.<\/li><\/ul>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>RULE 28: VALUE OF SUPPLY OF GOODS OR SERVICES OR BOTH BETWEEN DISTINCT PERSONS OR RELATED PERSONS<\/strong><\/p>\n\n\n\n<p>Rule 28 relates with value of\nsupply in a case where the supply of goods or services or both takes place\nbetween distinct persons or related persons. However, the related persons do\nnot cover the scenario of principal-agent relationship.<\/p>\n\n\n\n<p>Thus, the value of supply in this\ncase shall be:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Open market value of such supply.<\/li><li>Value of goods or services that are equal in quality or kind to the goods or services supplied. Provided value of supply in clause 1 is not available.<\/li><li>Value as determined by applying Rule 30 or Rule 31 in that order. Provided that the value of supply cannot be determined as per Clause 1 or Clause 2 above.<\/li><\/ul>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>RULE 29: VALUE OF SUPPLY OF GOODS MADE OR RECEIVED THROUGH AN AGENT<\/strong><\/p>\n\n\n\n<p>This rule covers the case of\nsupply between a principal and an agent. In such a scenario, the value of\nsupply shall be:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Open market value of the goods supplied or 90% of the value of goods supplied by an agent to his customer who is not a related person. Provided the goods supplied by an agent to his customer are of the same quality and kind as supplied by the principal to the agent. And the agent intends to sell the goods received by him from the principal in the market.<\/li><li>Value as determined by applying Rule 30 or Rule 31 in that order. Provided that the value of supply cannot be determined as per Clause 1 above.<\/li><\/ul>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>RULE 30: VALUE OF SUPPLY OF GOODS OR SERVICES OR BOTH BASED ON COST<\/strong><\/p>\n\n\n\n<p>There are scenarios when the\nvalue of supply of goods or services or both cannot be determined by applying\nany of the above rules. In such cases, the value of such a supply shall be 100%\nof the cost of:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>production of such goods or<\/li><li>acquisition of such goods or<\/li><li>provision of such services.<\/li><\/ul>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>RULE 31: RESIDUAL METHOD TO DETERMINE THE VALUE OF SUPPLY OF GOODS OR SERVICES OR BOTH<\/strong><\/p>\n\n\n\n<p>There can also be scenarios where\nthe value of supply of goods or services or both cannot be determined by applying\nrules 27 to 30.<\/p>\n\n\n\n<p>In such scenarios, the value of\nsupply needs to be determined by using rational means. Such means must be in\naccordance with the principles and provisions of Section 15 of the CGST Act as\nwell as Chapter IV of CGST Rules.<\/p>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>RULE 32: DETERMINATION OF VALUE IN RESPECT OF CERTAIN SUPPLIES<\/strong><\/p>\n\n\n\n<p>Rule 32 specifies the regulations to\ndetermine the value of supply in case of specific supplies which are as\nfollows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Purchase_or_Sale_of_Foreign_Currency\"><\/span><strong>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or Sale of Foreign Currency<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>This case relates to determining the value of\nsupply in cases where a person or an entity provides services relating to\npurchase or sale of foreign currency. The value of supply shall be equal to\nReserve Bank of India\u2019s reference rate for that currency. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Booking_of_Tickets\"><\/span><strong>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking of Tickets<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>There are cases where an air\ntravel agent provides services pertaining to booking of tickets for travel by\nair. In such scenarios, the value of supply shall be equal to<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>5% of the basic fare in case of domestic bookings of passage for travel by air and<\/li><li>10% of the basic fare in case of international bookings of passage for travel by air.<\/li><\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Life_Insurance_Business\"><\/span><strong>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance Business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>There are entities or persons\nrunning life insurance business. Thus, the value of supply of such services\nshall be:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Gross premium charged from a policy holder less amount allocated for investment or savings on behalf of the policy holder. Provided such an amount of savings or investment is communicated to the policy holder at the time of supply of service.<\/li><li>10% of single premium charged from the policy holder in case of single premium annuity policies other than those covered in clause (1) or<\/li><li>25% of the  premium charged from the policy holder in the first year and 12.5% of the premium charged from the policy holder in subsequent years in all the other cases. Provided this rule shall not apply to cases where the policyholder pays the entire premium only towards risk cover in life insurance.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Buying_and_Selling_of_Second_Hand_Goods\"><\/span><strong>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buying and Selling of Second Hand Goods<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>There are cases where persons or\nentities deal in buying and selling of second hand goods i.e., used goods. Such\ngoods are supplied either as such or after such minor processing that does not\nchange the nature of goods. Furthermore, no input tax credit has been availed\non the purchase of such goods.<\/p>\n\n\n\n<p>Thus, the value of supply of such\nservices shall be the difference between the selling price and the purchase\nprice. However, the value of such supply shall be ignored if the difference is\nnegative.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Token_Or_Voucher_or_Coupon_Or_Stamp\"><\/span><strong>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Token Or Voucher or Coupon Or Stamp<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>There are cases where a token, or\na voucher, or a coupon, or a stamp (other than postage stamp) is redeemable\nagainst a supply of goods or services or both.<\/p>\n\n\n\n<p>In such cases, the value of supply of such\nservices shall be equal to the money value of the goods or services or both\nredeemable against such token, voucher, coupon, or stamp.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Government_Notified_Service_Providers\"><\/span><strong>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Notified Service Providers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>There are cases where the\nGovernment notifies certain service providers to supply goods and services.\nFurther, such a notification is given by the government on the recommendation\nof the Council. And this is as per Section 25, paragraph 2 of Schedule I of the\nCGST Act.<\/p>\n\n\n\n<p>Thus, the value of taxable services provided\nby such class of service providers shall be deemed to be NIL.<\/p>\n\n\n\n<p class=\"has-green-background-color has-background\"><strong>RULE 33: VALUE OF SUPPLY OF SERVICES IN CASE OF PURE AGENT<\/strong><\/p>\n\n\n\n<p>There are scenarios where a supplier incurs costs or expenditures as a pure agent of the recipient of supply. In such cases, the value of supplies shall exclude such costs provided if the following conditions are satisfied:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The\nsupplier enters into a contractual agreement with the recipient of the supply\nto act as his pure agent. Furthermore, as a pure agent, the supplier has the\nauthority to incur<\/li><li>Expenditure\nor costs in the course of supply of goods or services<\/li><li>Payment\nmade by the pure agent on behalf of the recipient of supply has been separately\nmentioned in the invoice issued by the pure agent to the recipient of service;\nand<\/li><li>The\nsupplier neither intends to hold nor holds any title to the goods or services\nprocured as a pure agent of the recipient of supply. Furthermore, the supplier\nacting as a pure agent does not use the goods or services so procured for his\nown use.<\/li><\/ul>\n\n\n\n<p><strong>JOIN THE CHANNEL ON TELEGRAM<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/t.me\/commerceiets\" target=\"_blank\">https:\/\/t.me\/commerceiets<\/a><\/p>\n\n\n\n<p><strong>CONNECT ON LINKEDIN<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/<\/a><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study:<\/strong><\/td><td><strong>Also Study:<\/strong><\/td><td><strong>Also Study:<\/strong><\/td><td><strong>Also Study:<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/features-of-gst\/\">GST and its features<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/history-of-gst\/\">History of GST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/advantages-of-gst-in-india\/\">Advantages of GST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/disadvantages-of-gst\/\">Disadvantages of GST<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/constitutional-aspect-of-gst\/\">Constitutional aspects of GST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/liability-of-tax-payer\/\">Liability of tax payer<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/objectives-of-gst\/\">Objectives of GST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/what-is-igst\/\">IGST<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/cgst\/\">CGST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/gst-council\/\">GST Council<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/utgst-full-form\/\">UTGST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/sgst\/\">SGST<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/levy-and-collection-of-gst\/\">Levy and collection of GST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/composition-levy\/\">Composition Levy<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/online-gst-registration\/\">Online GST Registration<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/exemptions-under-gst\/\">Exemptions under GST<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/reverse-charge-in-gst\/\">Reverse Charge in GST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/taxable-supply\/\">Taxable supply<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/time-of-supply\/\">Time of supply<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/value-of-supply\/\">Value of supply<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/place-of-supply\/\">Place of supply<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/inter-state-supply\/\">Inter-state supply<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/intra-state-supply\/\">Intra-state supply<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/what-is-composite-supply\/\">Composite supply<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/mixed-supply\/\">Mixed supply&nbsp;<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/composite-and-mixed-supply\/\">Composite and mixed supply<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/online-payment-of-gst\/\">Online payment of GST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/how-to-claim-tcs-in-gst\/\">How to Claim TCS in GST<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/how-to-claim-tds-in-gst\/\">How to claim TDS in GST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/input-tax-credit-under-gst\/\">Input tax credit under GST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/tax-invoice-under-gst\/\">Tax Invoice<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/debit-note\/\">Debit Note in GST<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/credit-note\/\">Credit Note in GST<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/revised-invoice-in-gst\/\">Revised Invoice in GST<\/a><\/td><td><a href=\"http:\/\/v\" target=\"_blank\">Supplementary Invoice<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/e-way-bill-in-gst\/\">E-Way bill in GST<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/gst-returns\/\">GST Returns<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/goods-and-service-tax-network\/\">GSTN (Goods and Service Tax Network)<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/gst-suvidha-provider\/\">GST Suvidha Provider<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/gst-portal\/\">GST Portal<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>MEANING Goods and Services Tax will be charged on the value of supply made. Section 15 of CGST Act, 2017 provides the provisions for determining the value of goods and services. It provides the mechanism to know how to calculate the value of goods or services when supply of goods and services is made between&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/value-of-supply\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;VALUE OF SUPPLY&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":3997,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[229],"tags":[],"class_list":["post-3995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-goods-and-service-tax"],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/3995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=3995"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/3995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/3997"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=3995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=3995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=3995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}