collect supply goods and services
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Value of Supply of Goods or Services
Value of supply means the money that a seller would want to collect the goods and services supplied.
The amount collected by the seller from the buyer is the value of supply.
But where parties are related and a reasonable value may not be charged, or transaction may take place as a barter or exchange; the GST law prescribes that the value on which GST is charged must be its ‘transactional value’.
This is the value at which unrelated parties would transact in the normal course of business. It makes sure GST is charged and collected properly, even though the full value may not have been paid.
To generate GST compliant invoices and file GST Returns use our ClearTax GST software.
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