Goods and Services Tax – Started By: – ravi kiran – Dated:- 22-9-2018 Last Replied Date:- 22-9-2018 – Dear SirWe seek your guidlines.1) Head office in one state and branches in different states having different GST Numbers under the same PAN No.2) Balance sheet is one only for Head office and its branches accross different states under same PAN No3) Query: Stock transfers from Head office to branches to be valued at cost price or any profit to be added?4) We are importing goods in head office and transferring to branches. We have landed cost available.5) Do we need to transfer the goods to branches at cost price or do we need to add 10% of the landed cost?Thanks & RegardsRavi Kiran – Reply By Rajagopalan Ranganathan – The Reply = Sir,
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is, landed cost+ Customs duties payable. Q.5: – According to rule 28 of CGST Rules, 2017, 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 is made through an agent, shall- (a) be the open market value of such supply; (b) if the open market value is not available, be the value of supply of goods or services of like kind and quality; (c) if the value is not determinable under clause (a) or (b), be the value as determined by the application of rule 30 or rule 31, in that order: Provided that where the goods are intended for further supply as such by the recipient, the value shall, at th
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the sole consideration for the supply. In your case since you are related parties, the value of supply shall be i) Open Market Value ii) Value of supply of like kind and quality iii) Value determined by rule 4 or 5 You can recheck and ensure the open market value of the similar goods and go ahead. If not available follow rule 4 which says Cost of the goods plus 10% . You may refer Sec.15 of the Act for more clarity. Thanks.. Our experts may modify wherever required. – Reply By Yash Jain – The Reply = Dear Sir, As per Rule 28 (In Reference to Section 15 of CGST Act (Read Valuation)the value of supply for goods and services or both between distinct or related persons, (Other than agent) will be as under, Open market Value of supply (First Pre
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