MANAGEMENT

Detailed explanation-1: -Discounts given before or at the time of supply will be allowed as deduction from transaction value. Such discounts must be clearly mentioned on the invoice.

Detailed explanation-2: -Discount of 1% is deducted from the transaction value. Discount given before or at the time of supply, and which is recorded in the invoice, can be deducted from the transaction value.

Detailed explanation-3: -Transaction value is the price actually paid(or payable) for the supply of goods/services between un-related parties (i.e., price is the sole consideration) The value of supply under GST shall include: Any taxes, duties, cess, fees, and charges levied under any act, except GST.

Detailed explanation-4: -Under GST law, taxable value is the transaction value i.e. price actually paid or payable, provided the supplier & the recipient are not related and price is the sole consideration. In most of the cases of regular normal trade, invoice value will be the taxable value.

Detailed explanation-5: -The term transaction value refers to the price to be paid or actually paid for imported goods when sold for export to the customs territory of the EU. The starting point for its determination is the purchase price, which must be corrected if important elements are missing.