Value of supply of goods or services where the consideration is not wholly in money
Rule 27 of the Central Goods and Services Tax Rules, 2017 deals with value of supply of goods or services where the consideration is not wholly in money. Where the supply of goods or services is for a consideration not wholly in money, the value of the supply shall, - (a) be the open market value of such supply; The Act came into force on 22 Jun 2017.
Where the supply of goods or services is for a consideration not wholly in money, the value of the supply shall, - (a) be the open market value of such supply;
(b) if the open market value is not available under clause (a), be the sum total of consideration in money and any such further amount in money as is equivalent to the consideration not in money, if such amount is known at the time of supply;
(c) if the value of supply is not determinable under clause (a) or clause (b), be the value of supply of goods or services or both of like kind and quality;
(d) if the value is not determinable under clause (a) or clause (b) or clause (c), be the sum total of consideration in money and such further amount in money that is equivalent to consideration not in money as determined by the application of rule 30 or rule 31 in that order.
Illustration :
(1) Where a new phone is supplied for twenty thousand rupees along with the exchange of an old phone and if the price of the new phone without exchange is twenty four thousand rupees, the open market value of the new phone is twenty four thousand rupees.
(2) Where a laptop is supplied for forty thousand rupees along with the barter of a printer that is manufactured by the recipient and the value of the printer known at the time of supply is four thousand rupees but the open market value of the laptop is not known, the value of the supply of the laptop is forty four thousand rupee
Rule 27, The Central Goods and Services Tax Rules, 2017 (Act G.S.R. 610(E) of 2017).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Rule 27
What does Rule 27 of the Central Goods and Services Tax Rules deal with?
Rule 27 of the Central Goods and Services Tax Rules is headed "Value of supply of goods or services where the consideration is not wholly in money". Where the supply of goods or services is for a consideration not wholly in money, the value of the supply shall, - (a) be the open market value of such supply;
How do I find court cases under Rule 27 of the Central Goods and Services Tax Rules?
In judgments and charge sheets this rule is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: CGST Rules 2017 27, rule 27 CGST Rules 2017, rule 27 of the Central Goods and Services Tax Rules. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Rule 27 of the Central Goods and Services Tax Rules, and has it changed?
4 other provisions in this corpus refer back to it.
When did Rule 27 of the Central Goods and Services Tax Rules come into force?
Rule 27 of the Central Goods and Services Tax Rules, cited as CGST Rules 2017 27, came into force on 22 Jun 2017, having been enacted on 19 Jun 2017. It is in force as at the date shown on this page.
Other rules of this Act
- 89. Application for refund of tax, interest, penalty, fees or any other amount3731 words
- 43. Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases3015 words
- 138. Information to be furnished prior to commencement of movement of goods and generation of e-way bill2970 words
- 42. Manner of determination of input tax credit in respect of inputs or input services and reversal thereof2706 words
- 164. Procedure and conditions for closure of proceedings under section 128A in respect of demands issued under section2150 words
- 8. Application for registration2144 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Parsed from the consolidated PDF published by CBIC at taxinformation.cbic.gov.in. The provision list against which this parse was checked comes from the same portal, so a rule the document omits is still recorded. This page is not a substitute for legal advice.