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Special exemption from valuation rules — value of supply notified under Sec 15(5):
AAlways nil
BGovernment can prescribe alternative valuation for notified supplies (e.g. lottery, gambling, online gaming, casino)
CAlways at full consideration
DCost plus 10%
Answer & Solution
Correct answer: B. Government can prescribe alternative valuation for notified supplies (e.g. lottery, gambling, online gaming, casino)
1. Sec 15(5) empowers the Government to prescribe value for notified supplies — even if otherwise Sec 15(1) would apply.
2. Notified rules include Rule 31A (lottery/gambling), 31B (online gaming), 31C (casino actionable claims).
3. This overrides Sec 15(1) and (4) for those notified supplies.
_Source: ICAI BoS CA Final Paper 8, Ch 5 "Value of Supply", §Sec 15(5)_
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