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,- Tax amount = (Value inclusive of taxes X tax rate in % of IGST or, as the case maybe, CGST, SGST or UTGST) + (100+ sum oftax rates, as applicable, in %)
Explanation.- For the purposesofthe provisions ofthis Chapter, the expressions-
(a) “open market value” of a supply of goods or services or both meansthe 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 supplyare notrelated 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 goodsor services or both first mentioned, is the sameas, or closely or substantially resembles, that supply of goods or services or both.
Chapter V Input Tax Credit .36... ..Documentary_requirementsand conditionsforclaiming input tax credit.- (1)The input tax credit shall be availed by a registered person, including the Input Service Distributor, on.the basis of any ofthe following documents, namely,-
(a) an invoice issued by the supplier of goods or services or both in accordance with the provisionsof section 31;
(b) an invoice issued in accordance with the provisions of clause (f) of sub-section
(3) of section 31, subject to the payment oftax;
(c} a debit note issued by a supplier in accordance with the provisions of section 34;
(d) a bill of entry or any similar document prescribed under the Customs Act, 1962 or rules made thereunderfor the assessmentofintegrated tax on imports;
(e) an Input Service Distributor invoice or Input Service Distributor credit note or any document issued by an Input Service Distributor in accordance with the provisions of sub-rule (1) of rule 54.
(2) Input tax credit shall be availed by a registered person only if all the applicable particulars as specified in Chapter VI are contained in the said document, and the Heme Usa, fetish 30 FA 2017 relevant information, as contained in the said document, is furnished in FORM GSTR-2 by such person.
(3) No input tax credit shall be availed by a registered person in respect of any tax that has beenpaid in pursuanceofany order where any demandhas been confirmed on accountofany fraud, willful misstatement or suppressionoffacts.
_ 37. Reversal of input tax credit in the case of non-payment of consideration.-(1) A registered person, who hasavailed of input tax credit on any inward supply of goods or services or both, but fails to pay to the supplier thereof, the value of such supply along with the tax payable thereon, within the time limit specified in the second proviso to sub-section
(2) ofsection 16, shall furnish the details ofsuch supply, theamountofvalue not paid and the amountofinput tax credit availed of proportionate to such amountnot paid to the supplier in FORM GSTR-2for the month immediately following the period of one hundred and eighty days from the date ofthe issue of the invoice:
Provided that the value of supplies made without consideration as specified in Schedule I of the said Act shall be deemed to have beenpaid for the purposes ofthe secondproviso to subsection (2) of section 16.
(2) The amount of input tax credit referred to in sub-rule (1) shall be added to the output tax liability of the registered person for the month in whichthe details are furnished.
@Q) The registered person shall be liable to pay interest at the rate notified under sub-section _ (1) of section 50 for the period starting from the date of availing credit on such suppliestill the date when the amount added to the output tax liability, as mentioned in sub-rule (2), is paid.
(4) The timelimit specified in sub-section (4) of section 16 shall not apply to a claim for reavailing of any credit, in accordance with the provisions of the Act or the provisions of this . Chapter, that had.been reversed earlier.