TMI BlogDetermination of Value of Supply when consideration is not solely in money [Rule 27 of CGST rules]X X X X Extracts X X X X X X X X Extracts X X X X ..... spect of certain notified supplies also, the value will be determined in the manner as stipulated in Define in the ( Chapter IV : Determination of value of supply of CGST Rules from rule 27 to 35 ) the rules for valuation. Thus, the methodology of transaction value will not apply for such notified categories of transactions; instead the rules will prescribe a different method of determining value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es or both of like kind and quality; (d) if the value of supply is not determinable under clause (a) or clause (b) or clause (c), be the sum total of consideration in money and such further amount in money that is equivalent to consideration not in money as determined by the application of rule 30 or rule 31 of CGST Rules in that order. (i) Value of supply based on cost i.e. cost of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one and if the price of the new phone without exchange is ₹ 24000/-, the open market value of the new phone is ₹ 24000/-. Example 2:- Where a laptop is supplied for ₹ 40000/- along with a barter of printer that is manufactured by the recipient and the value of the printer known at the time of supply is ₹ 4000/- but the open market value of the laptop is not known, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. Example 4:- Sun Enterprises supplied a cooler to an unrelated party , Raj Trader for consideration of ₹ 2,95,000/-(inclusive GST @18%). Raj Trader also gave some material to Sun enterprises [Valuing ₹ 10,000 (exclusive of GST)] as consideration for such supply. At the same time , Sun Enterprises has supplied the same goods to another unrelated person at price 29736 (inclusiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... money plus the money equivalent to the non-monetary consideration, if such amount is know at the time of supply. therefore the value in the given case will be (₹ 2,95,000 x 100/118)+ ₹ 10,000, which is ₹ 2,60,000/-. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - taxmanagementi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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