In the GST law , after getting the New GST Registration you have to must understand about Value of Supply under the GST so you can prepare your invoice properly and charge the GST from the customer even you have to mentioned the value of supply during the GST Return Filings. Under Section 15 of the GST Act 2017 determination of value of taxable supply is provided. One has to understand the value on which GST will be calculated. It provides that the value to taxable supply of goods/services or both shall be the transaction value, which is the price actually paid or payable for such supply if:
The value of supply will include the following:
Important Definition For Determination Of Value Of Supply
How Discount Will Be Treated In Value Of Supply?
After supply has been effected if:
Determination of Value of Supply
In case consideration for value of supply is not fully given in form of money than one can determine the value of supply as per following:
Value of Supply of Goods made or received through an agent
Value of Supply of services in relation to purchase or sale of foreign currency
One can calculate the value of supply of services in case of foreign currency by following methods:
1. Method one : When a currency is exchanged from or to Indian Rupees
2. Method two : as per the Gross amount of currency exchange (GCE)
Value of services will be calculated as per following:
If Up to Rs. 1,00,000/- GCE x 1%
1,00,001/- to 10,00,000/- Rs. 1000 + GCE x 0.5%
Exceeding Rs. 10,00,000/- Lower of Rs. 5000 + GCE x 0.1% or Rs.60,000
Booking of Tickets for Air Travel by an Air Travel Agent
1. Domestic booking
Value of Service = Basic Fare x 5%
2. International booking
Value of Service = Basic Fare x 10%
Value of Supply Of Services in relation to Life Insurance Business
1. In case policy include investment / saving component
Value of Service = (Gross premium charged – Amount allocated for investment or savings) following conditions are to be fulfilled:
2. In case of single premium annuity policies (other than 1 above)
Value of Service = Single premium charged x 10%
3. Where policy has benefit of risk coverage only
Value of Service = Entire premium charged
4. In all other cases
Value of Service = Premium Charges x 25%
Value of Service = Premium Charges x 12.5%
Value of supply of Second hand goods
Value of supply = Selling price – Purchase price
If the value of supply is in negative then value should be ignored. Following conditions have to fulfill:
Value of a token, or a voucher, or a coupon, or a stamp (other than postage stamp) which is redeemable against a supply of goods or services or both
Value of supply = Money value of the goods or services or both redeemable against such token, voucher, coupon, or stamp.
Rate of exchange of currency, other than Indian rupees, for determination of value
The rate of exchange will be applicable as the reference rate for that currency which is determined by RBI on the date when point of taxation occurs of the supply.
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