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GOODS AND SERVICE TAX VALUATION DRAFT RULES

Goods and Services Tax - GST - By: - Mr.M. GOVINDARAJAN - Dated:- 29-6-2016 - The Central Government has put on the domain the draft rules entitled Goods and Service Tax Valuation (Determination of the Value of Supply of Goods and Services) Rules, 2016. These Rules are applicable to the supply of goods and services under the IGST/CGST/SGST. Transaction value Rule 2(1) (d) defines the term transaction value as the value of goods and/or services within the meaning of section 15 of the CGST Act. S .....

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upplier is liable to pay in relation to such supply but which has been incurred by the recipient of the supply and not included in the price actually paid or payable for the goods and/or services; the value, apportioned as appropriate, of such goods and/or services as are supplied directly or indirectly by the recipient of the supply free of charge or at reduced cost for use in connection with the supply of goods and/or services being valued, to the extent that such value has not been included i .....

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charged by the supplier to the recipient of a supply, including any amount charged for anything done by the supplier in respect of the supply of goods and/or services at the time of, or before delivery of the goods or, as the case may be, supply of the services; subsidies provided in any form or manner, linked to the supply; any reimbursable expenditure or cost incurred by or on behalf of the supplier and charged in relation to the supply of goods and/or services; any discount or incentive that .....

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ection 15(4) provides that the value of the supply of goods and/or services in the following situations which cannot be valued under sub-section (1), shall be determined in such manner as may be prescribed in the rules; the consideration, whether paid or payable, is not money, wholly or partly; the supplier and the recipient of the supply are related; there is reason to doubt the truth or accuracy of the transaction value declared by the supplier; business transactions undertaken by a pure agent .....

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h the goods being valued and supplied by the same person or by a different person. Services of like kind and quality Rule 2(1)(C) defines the phrase services of like kind and quality as 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. Methods to determine value The transaction value shall be the value determined in monetary terms. Where the supply consists of both taxable and non-taxab .....

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uch supply shall be the transaction value. Methods to determine value under Section 15(4) The value of supplies specified in sub-section (4) of section 15 of the Act shall be determined by the following methods- Determination of value of supply by comparison; Computed value method; and Residual method. Rule 4 provides the method to determine value of supply by comparison. Rule 4(1) provides that where the value of a supply cannot be determined under rule 3, the value shall be determined on the b .....

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levels; difference in composition, quality and design between the goods and/or services being valued and the goods and/or services with which they are compared; difference in freight and insurance charges depending on the place of supply. Rule 5 provides that if the value cannot be computed under Rule 4 then it shall be based on a computed value which shall include the following- the cost of production, manufacture or processing of the goods or, the cost of provision of the services; charges, i .....

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n the proper officer has reason to doubt the truth or accuracy of the value declared in relation to any goods and/or services, he may ask the supplier to furnish further information, including documents or other evidence. After receiving such further information, or in the absence of any response from such supplier, the proper officer still has reasonable doubt about the truth or accuracy of the value so declared, it shall be deemed that the transaction value of such goods and/or services cannot .....

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alue of goods and/or services of like kind and quality at the time of supply; or any mis-declaration of goods and/or services in parameters such as description, quality, quantity, year of manufacture or production. The proper officer shall intimate the supplier in writing the grounds for doubting the truth or accuracy of the value declared in relation to the supply of goods and/or services by such supplier and provides a reasonable opportunity of being heard, before taking a final decision. If a .....

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d nor holds any title to the goods and/or services so procured or provided as pure agent of the recipient of service; does not use such goods and/or services so procured; and receives only the actual amount incurred to procure such goods and/or services. The expenditure or costs incurred by the service provider as a pure agent of the recipient of service, shall be excluded from the value of the taxable service if all the following conditions are satisfied, namely- the service provider acts as a .....

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