How to differentiate Value of supply with Place of supply?
What is Value of supply? How does Place of supply work under GST regime? What are the difference between Value of supply and Place of supply?
Under GST system, the following information explains about Value of supply and Place of supply.
Under Value of 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. “Place of supply” means the place of supply as referred to in Chapter V of the Integrated Goods and Services Tax Act. The place of supply would determine first as to whether the transaction is in India or outside India. If it is outside India it would not be liable to GST.
As per GST terms, Value of supply means 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 and Place of supply means “Place of supply” means the place of supply as referred to in Chapter V of the Integrated Goods and Services Tax Act.
The detais about Value of supply and Place of supply with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Value of supply and Place 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 Value of supply and Place of supply separately below. You may kindly read the below links to know more about Place of supply and Value of supply.
Meaning of value of supply under GST
Meaning place of supply under GST
The above information easily explains about Place of supply and Value of supply .
I hope, you have satisfied with the difference between Value of supply and Place of supply explained above. Do you have different thought on difference between Place of supply and Value of supply?
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