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Section 2(46)- Value of Taxable Supply Description A supply is made in the following case: Between related persons, and Consideration for supply for no or reduced consideration less than the price as offered to other than associated persons Consideration in kind or partly in kind and partly in money - Value of Supply Open market price Price at which good provided to other persons Open market price Taxable supply made to consumer from general public on instalment basis on price inclusive of mark up or charges – higher Open market price than open market price In case of trade discounts, invoice must show discounted price and discount to be in conformity with normal business practice Special nature of transaction where difficult to ascertain value or reason to believe that value of supply The value of supply in case of advance receipt from customers MOORE Shekha Mufti Discounted price Open market price Amount received to be worked back

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