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Open Market Value vs Value of Supply
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Open Market Value vs Value of Supply
by Admin 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
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
Admin- Admin
- Posts : 47
Join date : 2014-07-30 -
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