{
    "act_title": "THE ASSAM GOODS AND SERVICES TAX ACT, 2017",
    "act_slug": "assam-goods-and-services-tax-act-2017",
    "section_label": "Section",
    "section": {
        "number": "15",
        "title": "Section 15.(1). 1",
        "chapter": null,
        "content": "The value of a supply of goods or services or both shall be the \ntransaction value, which is the price actually paid or payable for the \nsaid supply of goods or services or both where the supplier and the \nrecipient of the supply are not related and the pr ice is the sole \nconsideration for the supply. \n(2) The value of supply shall include- \n(a) any taxes, duties, cesses, fees and charges levied under any law \nfor the time being in force other than this Act, the Central Goods and \nServices Tax Act and the Goods and Services Tax (Compensation to \nStates) Act, if charged separately by the supplier; \n(b) any amount that the supplier is liable to pay in relation to such \nsupply but which has been incurred by the recipient of the supply and \nnot included in the price actu ally paid or payable for the goods or \nservices or both; \n(c) incidental expenses, including commission and packing, charged \nby the supplier to the recipient of a supply and any amount charged \nfor anything done by the supplier in respect of the supply of goods or \nservices or both at the time of, or before delivery of goods or-supply \nof services; \n(d) interest or late fee or penalty for delayed payment of any \nconsideration for any supply; and \n(e) subsidies directly linked to the price excluding subsidies provided \nby the Central Government and State Governments. \nExplanation. - For the purposes of this subsection, the amount of \nsubsidy shall be included in the value of supply of the supplier who \nreceives the subsidy. \n(3) The value of the supply shall not include any discount which is \ngiven- \n(a) before or at the time of the supply if such discount has been duly \nrecorded in the invoice issued in respect of such supply; and \n(b) after the supply has been effected, if- \n(i) such discount is established in terms of an agreement entered into \nat or before the time of such supply and specifically linked to relevant \ninvoices; and \n(ii) input tax credit as is attributable to the discount on the basis of \ndocument issued by the supplier has been reversed by the recipient \nof the supply. \n(4) Where the value of the supply of goods or services or both cannot \nbe determined under sub-section (1), the same shall be determined \nin such manner as may be prescribed. \n(5) Notwithstanding anything contained in subsection (1) or sub -\nsection (4), the value of such supplies as may be notified by the \nGovernment on the recommendations of the Council shall be \ndetermined in such manner as may be prescribed. \nExplanation. - For the purposes of this Act,- \n(a) persons shall be deemed to be \"related persons\" if - \n(i) such persons are officers or directors of one another's businesses; \n(ii) such persons are legally recognised partners in business; \n(iii) such persons are employer and employee; \n(iv) any person directly or indirectly owns, controls or holds twenty -\nfive per cent. or more of the outstanding voting stock or shares of \nboth of them; \n(v) one of them directly or indirectly controls the other; \n(vi) both of them are directly or indirectly controlled by a third \nperson; \n(vii) together they directly or indirectly control a third person; or \n(viii) they are members of the same family; \n(b) the term \"person\" also includes legal persons. \n(c) persons who are associated in the business of one another in that \none is the sole agent or sole distributor or sole concessionaire, \nhowsoever described, of the other, shall be deemed to be related.",
        "footnote": "",
        "is_definition": false,
        "sort_order": 160
    },
    "prev_section": "13",
    "next_section": "18"
}