Valuation in GST : Free Study Material
Here is the free study Material on Time of Supply under GST
Relevant GST Judgments on Valuation
Relevant Study Material on Valuation in GST
Relevant Sections of CGST Act on Valuation in GST
Relevant Rules of CGST Rules 2017 on Valuation in GST
Rules for Valuation under GST are covered in CHAPTER IV of CGST Rules 2017 DETERMINATION OF VALUE OF SUPPLY
Relevant Notifications on Valuation
Notification No. 9/2017 – Central Tax dated 28.06.2017 Seeks to appoint 01.07.2017 as the date on which the provisions of Section 12 are effective.
Notification No. 13/2017 Central Tax (Rate) dated 28.06.2017 Categories of services on which CGST is payable under reverse charge mechanism.
Notification No. 4/2017 – Central Tax (Rate) dated 28.06.2017 Specifies goods the supply of which is liable to CGST under reverse charge mechanism;
Notification No. 8/2017 – Central Tax (Rate) dated 28.06.2017 Exemption from payment of CGST under reverse charge for supplies where value do not exceed Rs 5,000/-;
Notification No. 10/2017 – Central Tax (Rate) dated 28.06.2017 CGST exemption for dealers in buying and selling second hand goods operating under margin scheme;
Notification No. 10/2017 – IGST (Rate) dated 28.06.2017 Categories of services on which IGST is payable under reverse charge mechanism
Notification No. 66/2017 – Central Tax dated 15.11.2017 Seeks to exempt all taxpayers from payment of tax on advances received in case of supply of goods (This notification is issued superseding the earlier Notification No. 40/2017 – Central Tax dated 13.10.2017 wherein the exemption from payment of tax on receipt of advances was extended to to a registered person whose aggregate turnover is less than Rs 1.5 crores);
Relevant Circulars on Valuation
Circular No. 38/12/2018 dated 26.03.2018 is issued clarifying the levy of GST, time of supply of goods and value of supply in case of goods sent for job-work.
Amortised cost of tools which are re-supplied back to the applicant free of cost shall be added to the value of the components while calculating the value of the components supplied as per the Section 15 of the CGST/SGST/IGST Act 2017.
Related provisions of GST Act
Section or Rule (CGST / SGST) and Description
Section 2(31) Definition of Consideration
Section 2(41) Definition of Document
Section 2(52) Definition of Goods
Section 2(66) Definition of Tax Invoice or Invoice
Section 2(93) Definition of Recipient
Section 2(97) Definition of Return
Section 2(98) Definition of Reverse Charge
Section 2(105) Definition of Supplier
Section 2(118) Definition of voucher
Section 7 Scope of Supply
Section 9 Levy and Collection
Section 14 Change in rate of tax in respect of supply of goods or services