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Section 15(1) prescribes that the value of supply is the:
ATransaction value if supplier and recipient are not related and price is sole consideration
BOpen market value always
CCost plus 10%
DMRP printed on the goods
Answer & Solution
Correct answer: A. Transaction value if supplier and recipient are not related and price is sole consideration
1. Sec 15(1) provides that the value of a taxable supply is the transaction value (price actually paid or payable).
2. This applies WHEN supplier and recipient are not related and price is the sole consideration.
3. If either condition fails, value is determined under Rules 27-31 of the CGST Rules.
_Source: ICAI BoS CA Final Paper 8, Ch 5 "Value of Supply", §Sec 15(1)_
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