Page 162 - GSTL_23rd April 2020_Vol 35_Part 4

488 GST LAW TIMES [ Vol. 35
(d) interest or late fee or penalty for delayed payment of any con-
sideration for any supply; and
(e) subsidies directly linked to the price excluding subsidies pro-
vided by the Central Government and State Governments.
Explanation. - For the purposes of this sub-section, the amount
of subsidy shall be included in the value of supply of the sup-
plier who receives the subsidy.
(3) The value of the supply shall not include any discount which is given -
(a) before or at the time of the supply if such discount has been
duly recorded in the invoice issued in respect of such supply;
and
(b) after the supply has been effected, if -
(i) such discount is established in terms of an agreement en-
tered into at or before the time of such supply and specif-
ically linked to relevant invoices; and
(ii) input tax credit as is attributable to the discount on the
basis of document issued by the supplier has been re-
versed by the recipient of the supply.
(4) Where the value of the supply of goods or services or both cannot be
determined under sub-section (1), the same shall be determined in such
manner as may be prescribed.
(5) Notwithstanding anything contained in sub-section (1) or sub-section
(4), the value of such supplies as may be notified by the Government on the
recommendations of the Council shall be determined in such, manner as
may be prescribed.
Rule 27 of the Rules. Value of supply of goods or services where the con-
sideration is not wholly in money. ------------------------
Rule 28 of the Rules. Value of supply of goods or services or both be-
tween distinct or related persons, other than through an agent. - The value
of the supply of goods or services or both between distinct persons as speci-
fied in sub-section (4) and (5) of section 25 or where the supplier and recipi-
ent are related, other than where the supply is made through an agent,
shall -
(a) be the open market value of such supply;
(b) if the open market value is not available, be the value of sup-
ply of goods or services of like kind and quality;
(c) if the value is not determinable under clause (a) or (b), be the
value as determined by the application of rule 30 or rule 31, in
that order :
Provided that where the goods are intended for further supply
as such by the recipient, the value shall, at the option of the
supplier, be an amount equivalent to ninety per cent of the
price charged for the supply of goods of like kind and quality
by the recipient to his customer not being a related person :
Provided further that where the recipient is eligible for full in-
put tax credit, the value declared in the invoice shall be
deemed to be the open market value of the goods or services.
Rule 29 of the Rules. Value of supply of goods made or received through
an agent. -----------------------------------------------------
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