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    1. Overall Scheme of Valuation under GSTThe value of supply of goods or services or both shall in general be the transaction value i.e. the price actually paid. In cases where consideration is non-monetary or supplies between related persons, offices/units of same entity located in different states, value shall be determined in the prescribed manner. Further, in case of certain notified supplies, the value shall be determined in the manner as prescribed.

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    1. What are inter-state and intra-state supplies under GST? What is their relevance?

    GST is a levy on supply of goods or services. To levy GST, supplies are categorised in two viz inter-state supplies (supplies from one state to another) and intra-state supplies (supplies within the state). In case of inter-state supplies, the Central Government will levy Integrated Tax under IGST Act, 2017 and in case of intra-state supplies, Central Government will levy Central Tax under CGST Act, 2017 and State Tax under SGST Act, 2017.

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    Topics Covered:

    —Section 22 – Charging section

    —Section 23 – Annual value

    —Section 24 – Deductions

    —Section 25 – Non allowable deduction

    —Section 26 – Chargeability in case of Co-owner

    —Section 27 –Deemed Owner


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