Chapter - IV of CGST Rules, 2017
DETERMINATION OF VALUE OF SUPPLY
RULE 27. Value of supply of goods or services where the consideration is not wholly in money (corresponding section 15)
Where the supply of goods or services is for a consideration not wholly in
money, the value of the supply shall,-
(a) be the open market value of such supply;
(b) if the open market value is not available under clause (a), be the sum total
of consideration in money and any such further amount in money as is equivalent
to the consideration not in money, if such amount is known at the time of
supply;
(c) if the value of supply is not determinable under clause (a) or clause (b),
be the value of supply of goods or services or both of like kind and quality;
(d) if the value is not determinable under clause (a) or clause (b) or clause
(c), be the sum total of consideration in money and such further amount in money
that is equivalent to consideration not in money as determined by the
application of rule 30 or
rule 31 in that order.
Illustration:--
(1) Where a new phone is supplied for twenty thousand rupees along with the
exchange of an old phone and if the price of the new phone without exchange is
twenty four thousand rupees, the open market value of the new phone is twenty
four thousand rupees.
(2) Where a laptop is supplied for forty thousand rupees along with the barter
of a printer that is manufactured by the recipient and the value of the printer
known at the time of supply is four thousand rupees but the open market value of
the laptop is not known, the value of the supply of the laptop is forty four
thousand rupees.