valuation for related person
Query (Issue) Started By: – arun aggarwal Dated:- 6-4-2017 Last Reply Date:- 14-4-2017 Goods and Services Tax – GST
Got 7 Replies
GST
Sir
I would like to knows the procedure of valuation under GST regime as compare to the excise rules of today, in the case where intermidate goods manufactured and supplies to a related firm and valuation done as per CAS 4 and charged accordingly.
Tnx
Reply By MARIAPPAN GOVINDARAJAN:
The Reply:
No clear picture in GST in this regard.
Reply By arun aggarwal:
The Reply:
Tnx
and lets wait for the clarification in this regard.
Arun
Reply By Rajagopalan Ranganathan:
The Reply:
Sir,
According to Section 15 (1) of CGST Act, 2017 "the value of a supply of good
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d by the Government.
Reply By Rajagopalan Ranganathan:
The Reply:
Sir,
As per rule 2 of Draft Rules dated 31-3-2017 for GST – Determination of Value of Supply –
"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 open market value is not available, be the value of supply of goods or services of like kind and quality;
(c) if value is not determinable under clause (a) or (b), be the value as determined by application of rule 4 or rule 5, in that order:
Provided where the recipient is el
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) such persons are legally recognised partners in business;
(iii) such persons are employer and employee;
(iv) any person directly or indirectly owns, controls or holds twenty-five per cent or more of the outstanding voting stock or shares of both of them;
(v) one of them directly or indirectly controls the other;
(vi) both of them are directly or indirectly controlled by a third person;
(vii) together they directly or indirectly control a third person; or
(viii) they are members of the same family."
Reply By arun aggarwal:
The Reply:
Sir
As I am awailing certain area based exemptions, can I opt for the valuation as per sec 4 of GST means on cost and charge 110 % on supplies made to related parties for their captive cons
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