Valuation Procedure Regarding Supply of Goods...

Valuation Procedure Regarding Supply of Goods and Services for Charging GST in India: Understanding Role and Provision

Author Name : CA. Rabin Kumar Ray, Ms Darpita Ray

ABSTRACT On August 2016, the Constitution (101st) Amendment Act was enacted to allow both the centre and states to levy goods and services tax (GST) subsuming most of the prevailing indirect taxes .The CGST, IGST, UTGST and compensation cess Act have been passed on April 2017 and all states except J&K passed their respective SGST Act on 30-06-2017 and finally on 01-07-2017 GST comes into light. On 08-07-2017 J&K passed SGST Act and CGST & IGST ordinance Promulgated to extend GST in J&K. In this tax regime there is no cascading of taxes. VALUATION Procedure regarding supply of goods and services for charging GST in India plays an important role for appropriate taxation under GST. The suppliers and recipients must be well conversant with the same. The Section 15 of the CGST Act and Rule 27 to Rule 35 of the CGST Rule clearly defined the valuation procedure under GST.