FAQs on Valuation in Goods and Service Tax (GST)

Q 1. What is the value of taxable supply to be adopted for the levy of GST? Ans. The value of taxable supply of goods and services shall ordinarily be the transaction value which is the actually the price paid or payable, when the parties are not related and price is the sole consideration. The MGL further elaborates various inclusions and exclusions from the ambit of transaction value.

from TaxGuru http://bit.ly/2RMmjx1
via gqrds

Comments

Popular posts from this blog

Compliance Manual for F.Y.2019-20 (A.Y. 2020-21)

GST ON TOUR OPERATORS AND AIR TRAVEL AGENTS

Consequences of incorrect invoice details uploaded while filing GSTR 1