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Open Market Value vs Value of Supply

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Open Market Value vs Value of Supply Empty Open Market Value vs Value of Supply

Post by Admin on Thu Feb 05, 2015 10:47 pm

Open Market Value vs Value of Supply

1. Open Market Value (OMV) is the basis of computation of GST.

2. OMV = price determined by market forces of demand and supply among non connected persons.

3. OMV = Consideration (is GST inclusive)

4. Consideration = value of supply 100%+ GST 6% = 106% of value of supply

5. To calculate GST amount use Tax Fraction 6/106 x Consideration

6. Connected person – for full definition, refer to Para 3, Third Schedule
   Eg.  Directors of one another’s business, one of them directly or indirectly controls the other, family members etc

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