Updates

Rule 35. Value of supply inclusive of integrated tax, central tax, State tax, Union territory tax. –   Where the value of supply is inclusive of integrated tax or, as the case may be, central tax, State tax, Union territory tax, the tax amount shall be determined in the following manner, namely,- Tax amount = (Value inclusive […]

1 [ Rule 34. Rate of exchange of currency, other than Indian rupees, for determination of value. – (1) The rate of exchange for determination of value of taxable goods shall be the applicable rate of exchange as notified by the Board under section 14 of the Customs Act, 1962 for the date of time of supply of such goods in terms […]

Rule 33. Value of supply of services in case of pure agent.- Notwithstanding anything contained in the provisions of this Chapter, the expenditure or costs incurred by a supplier as a pure agent of the recipient of supply shall be excluded from the value of supply, if all the following conditions are satisfied, namely,- ( i ) the supplier acts […]

1 [ Rule 32A. Value of supply in cases where Kerala Flood Cess is applicable.- The value of supply of goods or services or both on which Kerala Flood Cess is levied under clause 14 of the Kerala Finance Bill, 2019 shall be deemed to be the value determined in terms of section 15 of the Act, but shall not include the said cess .] 1 . Inserted vide Notification No.31/2019 – […]

Rule 32. Determination of value in respect of certain supplies.- (1) Notwithstanding anything contained in the provisions of this Chapter, the value in respect of supplies specified below shall, at the option of the supplier, be determined in the manner provided hereinafter. (2) The value of supply of services in relation to the purchase or sale […]

1 [Rule 31A. Value of supply in case of lottery, betting, gambling and horse racing. – (1) Notwithstanding anything contained in the provisions of this Chapter, the value in respect of supplies specified below shall be determined in the manner provided hereinafter. 2 [(2) The value of supply of lottery shall be deemed to be 100/128 of the face […]

Rule 31. Residual method for determination of value of supply of goods or services or both. Where the value of supply of goods or services or both cannot be determined under rules 27 to 30, the same shall be determined using reasonable means consistent with the principles and the general provisions of section 15 and the provisions […]

Rule 30. Value of supply of goods or services or both based on cost. – Where the value of a supply of goods or services or both is not determinable by any of the preceding rules of this Chapter, the value shall be one hundred and ten percent of the cost of production or manufacture […]

Rule 29. Value of supply of goods made or received through an agent. –   The value of supply of goods between the principal and his agent shall- (a) be the open market value of the goods being supplied, or at the option of the supplier, be ninety percent. of the price charged for the […]

Rule 28. Value of supply of goods or services or both between distinct or related persons, other than through an agent. – The value of the supply of goods or services or both between distinct persons as specified in sub-section (4) and (5) of section 25 or where the supplier and recipient are related, other than where the supply […]