Items Included and Excluded in Transaction Value for Computation of Taxable Value under GST

Included:
- The transaction value includes all expenses incurred by the supplier in relation to the supply of goods or services, such as:
- Packaging
- Commission or brokerage
- Any amount charged for the supply of goods or services
- Interest or late fee for delayed payment
- Subsidies directly linked to the price
- Any reimbursable expenses
- Any taxes (excluding GST) levied under any other law

Excluded:
- The following items are excluded from the transaction value for computation of taxable value under GST:
- Any discount or incentive given before or at the time of supply
- Subsidies provided by the government
- Any amount collected as GST
- Any penalty or fine for late payment
- Any amount collected for guarantee or warranty
- Any interest on delayed payment
- Any amount collected for the sale of used goods
By understanding the items included and excluded in the transaction value for computation of taxable value under GST, businesses can ensure compliance with the tax regulations and accurately calculate the GST payable on their supplies.