GST Tip – 218

As per the Determination of Value of Supply Rules, “supply of goods or services or both of like kind and quality” means any other supply of goods or services or both made under similar circumstances that, in respect of the characteristics, quality, quantity, functional components, materials, and reputation of the goods or services or both first mentioned, is the same as, or closely or substantially resembles, that supply of goods or services or both.

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GST Tip – 216

As per the Determination of Value of Supply Rules, the formula is given to derive the tax amount from the total value of supply in cases where the value of supply includes GST taxes.  Tax amount= Value inclusive of taxes X tax rate in % of IGST or as the case may be CGST, SGST or UTGST divided by (100+ sum of tax rates, as applicable, in %).

 

GST Tip – 210

As per the Draft Determination of Value of Supply Rules, valuation in case of related parties or distinct parties or through an agent, the value of supply of goods or services or both is the open market value, if the same is not available then the value of same or similar quality of goods or services and in case if the same is not available then it can be derived based on cost plus 10%.