How to differentiate Principle of supply with Value of supply ?
What is Principle of supply? How does Value of supply work under GST regime? What are the difference between Principle of supply and Value of supply?
Under GST system, the following information explains about Principle of supply and Value of supply .
As per GST terms, Principle of “supply” has been inclusively defined in the Act. The meaning and scope of supply under GST can be understood in terms of following six parameters, which can be adopted to characterize a transaction as supply.
The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply.
The details about Principle of supply and Value of supply with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Principle of supply and Value of supply, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Principle of supply and Value of supply separately below. You may kindly read the below links to know more about Value of supply and Principle of supply.
Term Principle of supply under GST
Term Net value of taxable supplies under GST
The above information easily explains about Value of supply and Principle of supply.
We hope, you have satisfied with the difference between Principle of supply and Value of supply explained above. Do you have different thought on difference between Value of supply and Principle of supply?
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