Section 2(73) of CGST Act: Meaning of “Market Value”

Definition of the term “Market Value” under the Central Goods and Services Tax (CGST) Act, 2017

As per Section 2(73) of the Central Goods and Services Tax (CGST) Act, 2017, unless the context otherwise requires, the term “market value” shall mean the full amount which a recipient of a supply is required to pay in order to obtain the goods or services or both of like kind and quality at or about the same time and at the same commercial level where the recipient and the supplier are not related.

Central Goods and Services Tax (CGST) Act, 2017 (Chapter-wise/ Section-wise)

Section 2 of CGST Act, 2017: Definitions

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