03 March 2020
The Value of supply shall be determined as under:
1. The Open Market Value (OMV) of the supply. OMV will be the amount which is fairly available in open market.
2. If the open market value is not available, it will be the value of supply of goods or services of like, kind and quantity. Here, the taxable person can use as reference similar goods or services or both for determining the value of supply.
3. If the value is not determinable in the above two cases it shall be determined by either by the Cost Method or Residual Method.