The rate of exchange for the determination of the value of taxable goods or services or both shall be the applicable reference rate for that currency as determined by the Reserve Bank of lndia on the date of time of supply in respect of such supply in terms of section 12 or, as the case may be, section 13 of the Act.
35. Value of supply inclusive of integrated tax, central tax, State tax, Union territory tax—Where the value of supply is inclusive of integrated tax or, as the case may be, central tax, State tax, Union territory tax, the tax amount shall be determined in the following manner, namely,- 'l‘ax amount = (Value inclusive of taxes X tax rate in % of IGST or, as the case may be, CGST, SGST or UTGST) + (100+ sum of tax rates, as applicable, in %)
Explanation.- For the purposes ofthe provisions ofthis Chapter, the expressions—
(a) “open market value” ofa supply of goods or services or both means the full value in money, excluding the integrated tax, central tax, State tax, Union territory tax and the cess payable by a person in a transaction, where the supplier and the recipient of the supply are not related and the price is the sole consideration, to obtain such supply at the same time when the supply being valued is made;
(b) “supply of goods or services or both Of like kind and quality” means any other supply of goods or services or both made under similar circumstances that in respect of the characteristics, quality, quantity, functional components, materials, and the reputation of the goods or services or both first mentioned, is the same as, or closely or substantially resembles, that supply of goods or services or both.
Chapter V Input Tax Credit