alleryStart learning →Under Section 15, the value of supply is generally the:
ATransaction value, the price paid or payable
BMarket price on the date of supply
CMaximum retail price printed on pack
DCost of production plus fixed margin
Answer & Solution
Correct answer: A. Transaction value, the price paid or payable
Section 15(1) makes the transaction value, meaning the price actually paid or payable, the default measure of taxable value.
Keep practising Computation of GST Liability
Browse all Computation of GST Liability questions for CA Inter, or explore more Taxation topics.
Related questions
For related-person tests, the term person also includes:Persons who are legally recognised partners in business are:Notified service of Rs 1,00,000 under reverse charge at 18%. Recipient pays?Intra-State sale of Rs 2,00,000 at 18% GST. CGST payable?Rs 50,000 sale; pre-agreed invoice-linked Rs 5,000 later discount, ITC reversed. Value?Rs 50,000 sale; Rs 5,000 later discount never agreed earlier. Value?Price Rs 20,000 plus Rs 1,000 State-law cess billed separately. GST at 18%?Price Rs 30,000; buyer paid supplier's Rs 2,000 insurance, not in price. Value?