Smart King (24 Points)
30 December 2019if Goods Price is 100 rs & gst charged 18 rs. total value is 118/-
now, what will be transaction value (100 or 118) & value of Supply (118 or 100)
wht is basic difference in transaction value & Value of Supply
RAJA P M
("Do the Right Thing...!!!")
(127911 Points)
Replied 30 December 2019
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 30 December 2019
RAJA P M
("Do the Right Thing...!!!")
(127911 Points)
Replied 31 December 2019
CA Sunil Kumar
(Chartered Accountant)
(4519 Points)
Replied 31 December 2019
RAJA P M
("Do the Right Thing...!!!")
(127911 Points)
Replied 31 December 2019
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 31 December 2019
If we go through the definition U/s 15(1) of the C.G.ST Act, transaction value is the value on which G.S.T is levied.
The conditions are the transaction must be between unrelated persons and price shall be the sole consideration.By applying this rational in the above case, transaction value shall be Rs 100.
Value of Supply is a broader term which inculcates various scenarios ,where as transaction value is confined to the above definition ,but in both the cases it is the value on which G.S.T can be levied.
CA Sunil Kumar
(Chartered Accountant)
(4519 Points)
Replied 31 December 2019
RAJA P M
("Do the Right Thing...!!!")
(127911 Points)
Replied 31 December 2019
What about Your replies for the followings :-
*** Material Cost Rs. 100
Tax Value Rs. 10
After sales Party received Rs. 110. Is this transaction or Value of supply. As per my view here transaction Rs. 110 between Two parties... https://howtoexportimport.com/Term-transaction-value-under-GST-9431.aspx
** Material Cost Rs. 100
Tax Value Rs. 10 Total - 110
As per accounting Rs. 100 accounted under Sales account to PandL A/c
Tax amount into Duties&Taxes (liability) then Here what is the nature as Transaction or Value of supply in Material or Tax or Materials with Tax... Here supplies are goods or Goods&Tax... As per my view supply value is basic values which not included Taxes (GST/IDT)... https://howtoexportimport.com/value-of-a-supply-under-GST-9456.aspx
As per my view Tax (GST/IDT) is not a supply...
Please give Your clarifications with details
RAJA P M
("Do the Right Thing...!!!")
(127911 Points)
Replied 31 December 2019
| Originally posted by : M.Keerthi chandra | ||
 |
If we go through the definition U/s 15(1) of the C.G.ST Act, transaction value is the value on which G.S.T is levied. The conditions are the transaction must be between unrelated persons and price shall be the sole consideration.By applying this rational in the above case, transaction value shall be Rs 100. Value of Supply is a broader term which inculcates various scenarios ,where as transaction value is confined to the above definition ,but in both the cases it is the value on which G.S.T can be levied. |
 |
@ Mr CA Sunil Kumar...
Please read the Highlighted words with sec 15 Value of Taxable Supply and Sub sec 9(1) of CGST Act as below..
(1) The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply.
Also the section says "VALUE OF TAXABLE SUPPLY"
Also with Sub sec (2) of sec 15 of CGST Act
Smart King
(24 Points)
Replied 31 December 2019
RAJA P M
("Do the Right Thing...!!!")
(127911 Points)
Replied 31 December 2019
Pramod Limaye
(Chartered Accountant)
(172 Points)
Replied 04 January 2020
Nicely explained by M Keerthi Chandra
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 05 January 2020
Dear Smart . Kindly read the section again , any incidental & taxes (Except GST) includes in transaction value . & GST is always applied on Transaction value (Taxable value) , so the value of supply is Transaction Value + GST
Read more at: https://www.caclubindia.com/forum/transaction-value-value-of-supply-538788.asp?offset=2
RAJA P M
("Do the Right Thing...!!!")
(127911 Points)
Replied 05 January 2020
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