How to differentiate Recovery from a third person with Value of supply?
What is Recovery from a third person? How does Value of supply work under GST regime? What are the difference between Recovery from a third person and Value of supply?
Under GST system, the following information explains about Recovery from a third person and Value of supply.
As per GST terms, Recovery from a third person The proper officer may serve upon a person referred to in clause (c) of sub-section (1) of section 79 (hereafter referred to in this rule as “the third person”), a notice in FORM GST DRC- 13 directing him to deposit the amount specified in the notice.
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 Recovery from a third person 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 Recovery from a third person 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 Recovery from a third person and Value of supply separately below. You may kindly read the below links to know more about Value of supply and Recovery from a third person.
Term Recovery from a third person under GST
value of supply under GST
The above information easily explains about Value of supply and Recovery from a third person.
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Sec 168 of CGST Act, 2017 Power to issue instructions or directions
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Section 156 Persons deemed to be public servants, CGST Act, 2017
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