Transaction value is basis for valuation :
The value of a supply of goods or services or both shall be the transaction value, that is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply – section 15(1) of CGST Act.
The conditions for accepting transaction value are –
(a) supplier and recipient should not be related
(b) price is sole consideration.