TRANSACTION VALUE: Why analysis of transaction value is more important for arriving taxable value of any supply? Unlike Central Excise which relies upon ‘assessable value’ for qualifying the duty, GST relies upon ‘transaction value’ for qualification and there appears to be no room to include notional additions. As per section 15(1) of CGST Act, 2017 “The value of a supply of goods or services or both shall be the TRANSACTION VALUE , which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the PRICE is the sole CONSIDERATION for the supply ” As per section 15(2) the value of supply shall include:- (a)… (d) (e) Subsidies directly linked to the price excluding subsidies provided by the central government and state government. The term ‘Consideration’ defined in the act under section 2(31) as Consideration in realtion to the supply of goods or services or both include...