Transaction Value as per GST

This discussion clarifies how to calculate GST transaction value, particularly when supplier discounts are involved. It explains that a scheme discount from a supplier does not reduce your input GST liability. The advice suggests that input tax remains at the actual amount paid, and businesses should consider adding gross profit and other expenses for further supply. It also touches upon the inability to claim a GST refund upon business closure and the correct calculation of taxable sales amounts under GST.