Section-15. Value of taxable supply
(1) The value of a supply of goods
and/or services shall be the transaction value,
that is the price actually paid or
payable for the said supply of goods and/or
services where the supplier and the
recipient of the supply are not related and
the price is the sole consideration
for the supply.
(2) The value of supply shall
include:
(a) any taxes, duties, cesses, fees
and charges levied under any statute, other
than the {SGST Act/the CGST Act} and
the Goods and Services Tax
(Compensation to the States for Loss
of Revenue) Act, 2016, if charged
separately by the supplier to the
recipient;
(b) any amount that the supplier 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;
(c) incidental expenses, such as,
commission and packing, 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;
(d) interest or late fee or penalty
for delayed payment of any consideration for
any supply; and
(e) subsidies directly linked to the
price excluding subsidies provided by the
Central and State governments;
Explanation.- The amount of subsidy shall be included in the value of
supply of the
supplier who receives the subsidy.
(3) The value of the supply shall not
include any discount that is given:
(a) before or at the time of the
supply provided such discount has been duly
recorded in the invoice issued in
respect of such supply; and
(b) after the supply has been
effected, provided that:
(i) such discount is established in
terms of an agreement entered into at
or before the time of such supply and
specifically linked to relevant
invoices; and
(ii) input tax credit has been
reversed by the recipient of the supply as is
attributable to the discount on the
basis of document issued by the
supplier.
(4) Where the value of the supply of
goods or services cannot be determined under
sub-section (1), the same shall be
determined in such manner as may be
prescribed.
(5) Notwithstanding anything
contained in sub-section (1) or sub-section (4), the
value of such supplies as may be
notified by the Central or a State Government
in this behalf on the recommendation
of the Council shall be determined in such
manner as may be prescribed.
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