The India’s biggest tax reform is however now a reality. A comprehensive form of dual Goods and Services Tax (GST) has however replaced the complex and the multiple indirect tax structure from 1 July 2017.
The purpose of this article however is to make the reader aware of the determination of the value in respect of certain supplies under GST.
We would however take eac and every aspect under this turn by turn .
1. The Value of the supply of goods or services where thus the consideration is however not wholly in money:-
Where thus the Value of supply of the goods or services where the consideration is however not wholly in money, the value of supply shall however be;
a) Considered as the open market value (OMV) of thus such kind of supply.
b) If however OMV is not available, the sum of the total consideration which is in money and also such further amount in money that is however equivalent to the consideration which is not in money ,if such an amount is however known at the time of supply.
c) If the value is thus not determinable as above in (a&b) then the value of the like kind and quality.
d) If the value is however not determinable as above in (a, b & c ) then the sum of the total consideration which is in money and also such further amount in the money that is however equivalent to the consideration which is not in money as is thus determined by rule 4& 5 in that order.
2. The Value of the supply of the goods or services or also both between the distinct or the related person, (other than through an agent) :-
a. Thus the open market value (OMV) of such kind of supply.
b) If however OMV is not available, then the value of the like kind and quality.
c) If the value is however not determinable as above (a & b ) then thus the value as is determined by rule 4& 5 in that order.
3. In respect of the value of the supply of goods which are made or received (through an agent ) deals with this respect :-
Thus , the value of the supply of goods between the principal and his agent shall however be;
a) The OMV of the goods which is thus being supplied.
b) Or also at the option of the supplier, 90% of the price which is however charged for the supply of the like kind and the quality by the recipient (which is thus intended for the further supply) to his customer which is not being related.
c) If the value is however not determinable as above (a & b) then the value as is thus determined by rule 4& 5 in that order.
4. In respect of the value of the supply of the goods or services or both which is however based on the cost:-
Where thus the value of the goods or the services is thus not determinable by any kind of preceding rules, the value however shall be 110% of the cost of the production or either manufacture or the cost of provision of such kind of services.
5. With respect to Residual method for the purpose of determination of the value of supply of goods or services or both:-
Where thus the value of the supply of goods or services or either both however cannot be determined under rule 1 to 4 the same shall however be determined by also using a reasonable means which is consistent with the principle and the general provision of section 15 and also its rules,( in the case of services, the supplier may also opt for this rule).
6. Thus , determination of value in respect of certain supplies is as follows :
1. For Booking of the air tickets(travel agent)
The valuation procedure is 5% which is of the basic fare in the case of domestic bookings. 10% which is of the basic fare in the case of international bookings. (basic fare however means on which the commission is thus normally paid to the agent)
2. For , the Life insurance business
The valuation procedure is a) Gross premium which is thus charged – allocated for the purpose of investment or either savings ( if such amount is however intimated to be the policy holder which is at the time of supply of the services).
b) 10% of the single premium (annuity) charged.
c) Also , In all the other cases; 25% of the premium (for the first year), 12.5% of the premium is thus charged in the subsequent years.
3. On the Second hand goods( where no input is claimed)
Valuation procedure is to be calculated by the difference between the selling and purchase price
4. For the Value of token, voucher, coupon or either stamp(other than the postage) which is however redeemable against a supply of the goods and services or either both
Valuation procedure is however to be calculated which is Equal to the money value of the goods or services or either both.
5. Also , where the taxable services (as is notified by the govt. on the recommendation of the Council.) as is however refereed in the Entry 2 of the Schedule which is between the distinct person (U/s 25), other than those where the input is thus not available U/s 17(5)
The valuation procedure is Nil.
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