GST Revisionary Series

CA Intermediate
CA Nishant Kumar
May, 2024
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Lecture 6 – Value of Supply

CA Nishant Kumar
Income Tax Revision Schedule
Date Day Topic
01-02-2024 Thursday L1 - Basics of Taxation and General Tax Rates
03-02-2024 Saturday L2 - Residence and Scope of Total Income
06-02-2024 Tuesday L3 - Income from Salaries

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08-02-2024
10-02-2024
13-02-2024
15-02-2024
17-02-2024
Thursday
Saturday
Tuesday
Thursday
Saturday
L4 - Income from House Property
L5 - Profits and Gains from Business or Profession
L6 - Capital Gains
L7 - Income from Other Sources
L8 - Clubbing of Income
20-02-2024 Tuesday L9 - Set Off; Carry Forward of Losses
22-02-2024 Thursday L10 - Deductions from Gross Total Income
02-03-2024 Saturday L11 - Return Filing and Self Assessment
03-03-2024 Sunday L12 - TDS, TCS, Advance Tax
04-03-2024 Monday L13 - Income Tax Liability - Computation and Optimization
GST Revision Schedule
Date Day Topic
05-03-2024 Tuesday L1 - Supply Under GST
07-03-2024 Thursday L2 - Charge Under GST; Composition Levy
11-03-2024 Monday L3 - Place of Supply

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13-03-2024
15-03-2024
18-03-2024
20-03-2024
Wednesday L4 - Exemptions from GST
Friday
Monday
L5 - Time of Supply
L6 - Value of Supply
Wednesday L7 - Input Tax Credit
22-03-2024 Friday L8 - Registration Under GST
25-03-2024 Monday L7 - Tax Invoice; Credit and Debit Notes; E-Way Bill
27-03-2024 Wednesday L8 - Accounts and Records; TDS & TCS
29-03-2024 Friday L9 - Payment of Tax
30-03-2024 Saturday L10 - Returns Under GST
 Value of Supply [Section 15]

(1) (2) (3) (4) (5)

If Inclusions Exclusions If value Notified

cannot be Supplies by
determined Government
Supplier Price Payable Taxes, Duties, etc. (other Pre- Post-Supply Discounts Discounts Clarified by Clarifications
by Section
and is the Sole than CGST, SGST, UTGST, Supply
15(1)
Recipient Consideration IGST) Discounts
Allowed as Deduction if the following Staggered Periodic/ Secondary No Claim
are
Payment made by three conditions are satisfied: Discounts Year-End Discounts Bonus
Unrelated
Recipient to Third Party Shown Discounts
Valuation Rules Apply (CA Final)
on Behalf of Supplier in in Tax

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Agreement Discount Buyer Increase Not known Disclosed in
Relation to Supply Invoice
for such can be reverses with Based on at the time policy
Value = Transaction Value
Incidental Expenses, such discount linked to any ITC volume annual of supply or documents
as Freight, Packing, etc. Allowed as existed at specific that he and purchase offered and
Deduction the time of invoices had shown volume, post-supply mentioned in
Interest, Late Fee, Penalty
supply claimed on the passed and don't invoices,
for Delayed Payment
earlier invoice through meet complying
Subsidies Linked with credit section with section
Price Received By notes 15(3) 15(3)(a)
Allowed
conditions
as
Central or Others Deduction Allowed as Allowed
State Deduction Not as
Government if all the Allowed Deduction
Included three as
conditions Deduction
Not Included are
satisfied

Important Questions: Questions 8, 9, 10, 11, 12, 13, 15, 16, 20

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