Open Market Value and Net value of taxable supplies

Posted on 11 June 2022 Category : GST terms difference

How to differentiate Net value of taxable supplies with Open Market Value?

What is Net value of taxable supplies? How does Open Market Value work under GST regime? What are the difference between Net value of taxable supplies and Open Market Value?

Under GST system, the following information explains about Net value of taxable supplies and Open Market Value.

As per GST terms The expression “net value of taxable supplies” means the aggregate value of taxable supplies of goods or services, other than services notified under Section 9(5), made during any month by all registered taxable persons through the operator reduced by the aggregate value of taxable supplies returned to the suppliers during the said month. Open market value of a supply of goods or services or both means the full value in money, (excluding GST & cuss) where the supplier and the recipient of the supply are not related and price is the sole consideration, to obtain such supply at the same time when the supply being valued is made.

The details about Net value of taxable supplies and Open Market Value with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Net value of taxable supplies and Open Market Value, so as to enable you to have a clear idea on these GST terms.

For your immediate reference, we give below web links on Net value of taxable supplies and Open Market Value separately below. You may kindly read the below links to know more about Open Market Value and Net value of taxable supplies.

Term Net value of taxable supplies under GST

Term Open Market Value (OMV) under GST

The above information easily explains about Open Market Value and Net value of taxable supplies.

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