Rule 27 CGST Rules 2017
Summary of Rule 27 CGST Rules 2017
( Rule 27 CGST Rules 2017 explains Value of supply of goods or services where the consideration is not wholly in money and is covered in Chapter IV – Determination of Value of Supply : Inserted by the Central Goods and Services Tax (Second Amendment) Rules, 2017, w.e.f. 1-7-2017 )
Rule 27 CGST Rules 2017
Value of supply of goods or services where the consideration is not wholly in money
27. Where the supply of goods or services is for a consideration not wholly in money, the value of the supply shall,-
| (a) | be the open market value of such supply; | |
| (b) | if the open market value is not available under clause (a), be the sum total of consideration in money and any such further amount in money as is equivalent to the consideration not in money, if such amount is known at the time of supply; | |
| (c) | if the value of supply is not determinable under clause (a) or clause (b), be the value of supply of goods or services or both of like kind and quality; | |
| (d) | if the value is not determinable under clause (a) or clause (b) or clause (c), be the sum total of consideration in money and such further amount in money that is equivalent to consideration not in money as determined by the application of rule 30 or rule 31 in that order. |
Illustration:
(1) Where a new phone is supplied for twenty thousand rupees along with the exchange of an old phone and if the price of the new phone without exchange is twenty four thousand rupees, the open market value of the new phone is twenty four thousand rupees.
(2) Where a laptop is supplied for forty thousand rupees along with the barter of a printer that is manufactured by the recipient and the value of the printer known at the time of supply is four thousand rupees but the open market value of the laptop is not known, the value of the supply of the laptop is forty four thousand rupees.
Also refer CBIC Website Click here
Related Topic on GST
| Topic | Click Link |
| GST Acts | Central GST Act and States GST Acts |
| GST Rules | GST Rules |
| GST Forms | GST Forms |
| GST Rates | GST Rates |
| GST Notifications | GST Act Notifications |
| GST Circulars | GST Circulars |
| GST Press Release | GST Press Release |
| GST Books | Best Books on GST in India |
| GST Commentary | Topic wise Commentary on GST Act of India |
| GST You Tube Channel | TaxHeal You Tube Channel |
| GST Online Course | Join GST online Course |
| GST History | GST History and Background Material |
Rule 27 CGST Rules 2017 , Print Rule 27 CGST Rules 2017, Rule 27 of CGST Rules 2017, Latest Rule 27 of CGST Rules 2017, updated Rule 27 of CGST Rules 2017