Transaction value and Value of supply under GST terms

Posted on 11 June 2022 Category : GST terms difference

How to differentiate Value of supply with Transaction value?

What is Value of supply? How doesTransaction valuework under GST regime? What are the difference between Value of supply and Transaction value?

Under GST system, the following information explains about Value of supply and Transaction value.

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.

Transaction value

GST would normally be payable on the ‘transaction value’. Transaction value is the price actually paid or payable for the said supply of goods and/or services between un-related parties and price is the sole consideration. The transaction value is also said to include Taxes other than GST, Expenses incurred by recipient in relation to supply, Incidental expenses charged at the time or before the supply, Interest etc. for late payment

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 and Transaction value means Transaction value is the price actually paid or payable for the said supply of goods and/or services between un-related parties and price is the sole consideration.

The details about Value of supply and Transaction value 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 Transaction 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 Value of supply and Transaction value separately below. You may kindly read the below links to know more about Transaction value and Value of supply .

Define value of supply under GST

Define transaction value under GST

The above information easily explains about Transaction value andValue of supply .

I hope, you have satisfied with the difference between Value of supply and Transaction value explained above. Do you have different thought on difference between Transaction value and Value of supply ?

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CGST Act section 116 Appearance by authorised representative

CGST Act Section 117 Appeal to High Court

CGST Act Section 118Appeal to Supreme Court

CGST Act Section 119 Sums due to be paid notwithstanding appeal

CGST Act section 120 Appeal not to be filed in certain cases

CGST Act Section 121 Non-appealable decisions and orders

CGST Act Section 122 Penalty for certain offences

CGST Act Section 123 Penalty for failure to furnish information return

CGST Act Section 124 Fine for failure to furnish statistics