GST-Goods and Service Tax - 233. page

Goods and Services Tax Act – GST Law

Issues and concerns 1. There appears to be concerns over the taxability of actionable claims in form of betting, gambling and horse race as goods or services. The definition of […]

Exchange rate to be used (Rule 34) Transactions undertaken in foreign currency must be translated into Indian Rupees. The rate of exchange for the determination of the value of taxable […]

Comparative Review Valuation Rules in Customs, Central Excise and Service Tax have been tested for applicability in various circumstances. All that experience and judicial interpretation may be brought to provide […]

 Service of pure agent (Rule 33) : Agency supplies are different from ‘pure agent’ in relation to valuation. This rule applies only to supply of services. It provides for the […]

Specific supplies (Rule 32) Before commencement of the discussion on the provisions of Rule 32, it may be pertinent to emphasize here that the determination of valuation as per the […]

Supply through agent (Rule 29) Every supply involving an agent is not a taxable supply. As discussed in Chapter III, supply by Principal and Agent inter se, all though merely […]

Cost based value (Rule 30) Where cost is used as a base for determining the value of supply and when any of the more specific methods prescribed are unavailable for […]

Residual valuation (Rule 31) Where value cannot be determined by any other method, this rule authorizes the use of  ‘reasonable means to arrive at the value. It is important to consider […]

Lottery, betting, gambling and horse racing (Rule 31A) : The debate on the taxable value of services for betting, lottery, gambling and horse racing has been put to rest by […]

Introduction Consideration is quid pro quo in a contract and price is the consideration expressed in money terms. Value is the price prevalent when a transaction takes place under controlled […]