Rule 31 of CGST Rules 2017: Residual Method for Determination of Value of Supply of Goods/ Services

Rule 31 of ‘Central Goods and Services Tax (CGST) Rules 2017’: Residual Method for Determination of Value of Supply of Goods or Services or both

Provisions under Rule 31 of the Central Goods and Services Tax (CGST) Rules, 2017 relating to “Residual Method for Determination of Value of Supply of Goods or Services or both”, are as under:

CGST Rule 31: Residual Method for Determination of Value of Supply of Goods or Services or both (Chapter-IV: Determination of Value of Supply)

Where the value of supply of goods or services or both cannot be determined under rules 27 to 30, the same shall be determined using reasonable means consistent with the principles and the general provisions of section 15 and the provisions of this Chapter:

Provided that in the case of supply of services, the supplier may opt for this rule, ignoring rule 30.

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Above information is based on Updated Compilation of “CGST Rules 2017” (as amended upto 10 Sept. 2018) shared by CBIC (i.e. as notified/ amended upto 10 Sept. 2018 by the CBIC). For detailed information/ subsequent updates, please refer relevant Notifications.

It may be noted that Rules 27 to 138 (pertaining to various Chapters) of the Central Goods and Services Tax (CGST) Rules, 2017 were initially notified by CBIC (CBEC) vide CGST (2nd Amendment) Rules, 2017 Notification No. 10/2017 Central Tax dt. 28 June 2017, applicable w.e.f. 1 July 2017 (or as may be specified in respective Rules).

Related Posts:

Central Goods and Services Tax (CGST) Rules, 2017 (Chapter-wise/ Rule-wise)

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