Home List Manuals GSTGST Ready ReckonerGST - Valuation / Value of Supply This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Manner of valuation prescribed in Rule 30 & 31 of CGST Rules - GST Ready Reckoner - GSTExtract Manner of valuation prescribed in Rule 30 31 of CGST Rules Rule 30 of the CGST Rules (i) Value of supply based on cost i.e. cost of supply plus 10% mark-up i.e. 110% or production cost (ii) Value of supply determined by using reasonable means consistent with principles general provisions of GST law. (Best Judgement method) Rule 31 of the CGST Rules Residual method for determination of value of supply of goods or services or both, where value of supply of goods or services not determined in under rules 27 to 30 of CGST rules. In other words :- (a) In case of determination of value of supply of goods determined under rules 27 to 30. (b) In the case of determination of value of supply of services, the supplier may opt for this rule, ignoring rule 30. Case Law : IN RE: M/S. FEDERAL MOGUL GOETZE INDIA LTD( 2022 (12) TMI 192 - AUTHORITY FOR ADVANCE RULINGS, KARNATAKA ) a) The subsidized deduction made by the applicant, from the employees who are availing food in the factory, would be considered towards supply of canteen service by the Applicant under the provisions of Section 7 of the CGST/KGST Act 2017. GST is liable to be paid by the applicant on the value of the said supply to be determined under Rule 30 or 31 of the CGST Rules 2017. b) The applicant is not eligible to avail Input Tax Credit ( ITC ) of the GST paid on the manpower supply services used for providing canteen facility IN RE: M/S. VIDIT BUILDERS ( 2020 (3) TMI 442 - AUTHORITY FOR ADVANCE RULING, MADHYA PRADESH ) Rule 31 applies in the instant case and the value of supply is equal to the amount received/receivable by the applicant which is equal to 40% of the amount on which the plots are sold.
|