2. Definitions
(1) In these rules, unless the context otherwise requires:
(a) "Act" means the IGST Act or the CGST Act or, as the case may be, the SGST Act;
(b) “goods of like kind and quality” means goods which are identical or similar in physical characteristics, quality and reputation as the goods being valued, and perform the same functions or are commercially interchangeable with the goods being valued and supplied by the same person or by a different person;
(c) “services of like kind and quality” means services which are identical or similar in nature, quality and reputation as the services being valued and supplied by the same person or by a different person; and
(d) “transaction value” means the value of goods and/or services within the meaning of section 15 of the CGST Act.
(2) Words, expressions and terms not defined in these Rules shall have the same meaning as is assigned to them in the Act.
