Valuation of Goods & Services under GST

GST is levied on the ‘transaction value’. The taxable value of supply under GST includes:

Except GST, any taxes, duties, cess, fees, and charges levied under any Act.
GST Compensation Cess will be excluded if charged separately by the supplier.
Any amount paid or payable by the supplier that the recipient has incurred but not added in the price.
Any expenses incurred in relation to the supply like transport etc. should be included in the value.
Other than Government subsidies, all subsidies received for the supply shall be included.
Interest payable for delayed payment of consideration is also included.
Value of supply excludes discount if it is given on the invoice or when it is given post supply as a part of agreement entered into at the time of supply and the recipient reverses the proportionate credit.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in the public interest.

The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and the remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.

Visit The ICAI Website

Subscribe To Our Learning Material.

Notifications are a great way to receive updates on articles, knowledge base or newsletters. We don’t spam inboxes.

Enter your name*

Enter your email address*

Educational Qualification*
Need to select an educational qualification.

Occupation/Profession*
You need to select a user type.

Professional Qualification*

Experience*

Enter your contact number*
+91

Select topic*
You need to select a topic.

Select state*
You need to select a state.

Select language*
You need to select a language preference.

Select the material required*
Article Video PPT Lecture
You need to select atleast one material type.

Thank You for subscribing to our learning material. Details have been shared on your email-id.

Register As Resource Person / Volunteer

Students, Professionals are encouraged to share their articles. The articles will be reviewed by the Content Committee on a monthly basis and they reserve the right to publish (or not publish) the article. The articles must be original contribution and must not have been published elsewhere.

Enter your name*

Enter your email address*

Educational Qualification*
Need to select an educational qualification.

Occupation/Profession*
Need to select a user type.

Professional Qualification*

Experience*

Enter your contact number*
+91

Select Area Of Expertise*
Need to select area of expertise.

Select state*
You need to select a state.

Select language*
Need to select a language preference.

Register as resource person for*
Article Video PPT Lecture

Upload Article *
Allowed filetypes are pdf and docx.

Thank You for showing your interest for volunteering as resource person and/or to contribute to learning material, this is subject to declaration and vetting by subject matter expert.