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TMI BlogSchedule II of CGST Act Land and BuildingX X X X Extracts X X X X X X X X Extracts X X X X ..... Schedule II of CGST Act Land and Building X X X X Extracts X X X X X X X X Extracts X X X X ..... for business or commerce, either wholly or partly, is a supply of services. How to determine the Taxable value if in case of Leasing the property. Please clarify me in this regard sir Reply By KASTURI SETHI: The Reply: Sh. Kumar Narasimhan Ji, Open market value. Peruse Rules 27 & 28 of CGST Rules, 2017 as amended from time to time. Reply By Shilpi Jain: The Reply: I think your query is inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mplete. In case there is an agreed consideration between unrelated parties then such value should be adopted. If no such consideration or if the transaction is between related persons then go ahead with the value suggested by Kasturi sir. Reply By KASTURI SETHI: The Reply: Yes. Terms & conditions of the agreement/contract have to be taken care of. The Valuation Rules are to be resorted to, if t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he supplier of service is unable to determine assessable value otherwise. Rules are always subject to the Act. Reply By KUMAR Narasimhan: The Reply: Thank you Sir and Mam, Lease of the Commercial property is ₹ 50 Lakhs for 5 years. On the above case as mentioned by Sh. Kasturi ji, I will apply Open Market Value, Rule 27 & 28 of CGST Rules 2017. Reply By ABHISHEK TRIPATHI: The Reply: D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear Narasimhan Ji, Agree with the views of KS Sir and Shilpi Ma'am. Taxable value is the transaction value i.e. price actually paid or payable, provided supplier and recipient are not related, and the price is the sole consideration [Section 15(1) of the CGST Act]. Mostly, it is your invoice value. [We refer to rules for the specific transactions] Keep in mind the compulsory inclusions also, as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated in rule 15(2) of the CGST Act. Apart from the invoice if the expenses mentioned u/s. 15(2) is charged separately (apart from invoice) by the supplier then that will be added to the price (invoice value) to arrive at the taxable value. Generally, 15(2) is missed and the supplier consider invoice value only to arrive at the taxable value. X X X X Extracts X X X X X X X X Extracts X X X X
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