Rule 35 of CGST Rules -Value of supply inclusive of integrated tax, central tax, State tax, Union territory tax

Rule 35 of CGST Rules -Value of supply inclusive of integrated tax, central tax, State tax, Union territory tax

(updated as on 15.11.2017)

Where the value of supply is inclusive of integrated tax or, as the case may be, centraltax, State tax, Union territory tax, the tax amount shall be determined in the followingmanner, namely,- Tax amount = (Value inclusive of taxes X tax rate in % of IGST or, as the case may be,CGST, SGST or UTGST) (100+ sum of tax rates, as applicable, in %) Explanation.-For the purposes of the provisions of this Chapter, the expressions-

(a) open market value of a supply of goods or services or both means the full value inmoney, excluding the integrated tax, central tax, State tax, Union territory tax and thecess payable by a person in a transaction, where the supplier and the recipient of thesupply are not related and the price is the sole consideration, to obtain such supply at thesame time when the supply being valued is made;

(b) supply of goods or services or both of like kind and quality means any othersupply of goods or services or both made under similar circumstances that, in respect ofthe characteristics, quality, quantity, functional components, materials, and thereputation of the goods or services or both first mentioned, is the same as, or closely or substantially resembles, that supply of goods or services or both.

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CHAPTER IV

DETERMINATION OF VALUE OF SUPPLY

Chapter IV of CGST Rules, 2017 consists of nine rules relating toDETERMINATION OF VALUE OF SUPPLY rulesunder the GST regime. Both these rules are available for your ready reference. Rule 27 :Value of supply of goods or services where the consideration is not wholly in money Rule 28 :Value of supply of goods or services or both between distinct or related persons, other than through an agent Rule 29 :Value of supply of goods made or received through an agent Rule 30 :Value of supply of goods or services or both based on cost Rule 31 :Residual method for determination of value of supply of goods or services or both Rule 32 :Determination of value in respect of certain supplies Rule 33 :Value of supply of services in case of pure agent Rule 34 :Rate of exchange of currency, other than Indian rupees, for determination of value Rule 35 :Value of supply inclusive of integrated tax, central tax, State tax, Union territory tax

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