Section 21, The Goods and Services Tax Act, 2009

(1) “Tax fraction”, in relation to a taxable supply, meansthe fraction calculated in accordance with the following formula:– R/(100+R) where R is the rate of GST applicable to the supply as determined under subsection (3) of section 14. (2) The value of a taxable supply is– (a) where the supply is for monetary consideration, the amount of the consideration with the addition of all duties and taxes but excluding GST; and (b) where the supply is not for monetary consideration or is only partly for monetary consideration, the fair market value excluding (3) Subject to this section– (a) the value of a taxable supply is the consideration for the supply reduced by an amount equal to that sum multiplied by the tax fraction; and (b) the value of a supply that is not a taxable supply is the consideration for the supply. (4) If a person applies goods or services to a private or exempt use and the application is treated as a supply under subsection (4) of section 6, or a taxable person supplies goods or services to an employee for personal use, the value of the supply is– (a) if the application or supply is of goods imported by the person, the lesser of– (i) the value of the import for the purposes of this Act; or (ii) if any part of the input tax was allowed as a credit to the taxable person, the value of the import reduced by an amount reflecting the extent to which no input tax credit was allowed; or (b) in any other case, the lesser of– 38 39 Value of (i) the consideration paid or payable by the person for the acquisition of the goods or services, reduced by an amount equal to the input tax incurred on that acquisition; or (ii) if only part of the input tax is allowed as a credit to the taxable person, the amount referred to in subparagraph (i), reduced by an amount reflecting the extent to which no input tax credit is allowed. (5) Where subsection (2) applies, before the goods or services are applied or supplied as provided in that subsection, the taxable person has used them in its taxable activity for a purpose other than making exempt supplies, the value of the supply is the lesser of– (a) the amount determined under subsection (2); (b) the GST-exclusive fair market value of the goods or services at the time they are first applied to the private or exempt use or supplied to the employee, reduced, in a case to which sub-paragraph (ii) of paragraph (a) or sub-paragraph (ii) of paragraph (b), of subsection (4) applies, by an appropriate amount reflecting the extent to which no input tax credit was allowed. (6) The value of a supply of goods under a finance lease does not include an amount payable in relation to a supply of credit under a lease agreement, if the credit for the goods is provided for a separate charge and the charge is disclosed to the recipient of the goods. (7) If a taxable person makes a supply for no consideration or for consideration that is less than the fair market value of the supply, the value of the supply is the GST-exclusive fair market value of the supply. (8) The value of a supply that a recipient is treated as having made because of section 24 is– (a) if the supplier and recipient are related persons, the appropriate proportion of the GST-exclusive fair market value of the actual supply; or (b) in any other case, the appropriate proportion of the consideration for the actual supply, where “actual supply” means a supply made to a recipient and “appropriate proportion” reflects the extent to which the recipient is treated as making the supply under section 24. (9) Regulations may specify or vary the way in which the value of a particular kind of supply is determined.