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of <h1>Clarification on Valuation of Imported Services from Related Entities Under CGST Act, 2017; Rule 28 Applies for ITC.</h1> The circular clarifies the valuation of imported services from related foreign entities under the Central Goods and Services Tax Act, 2017. It addresses concerns from trade and industry regarding tax demands on imports from related persons without consideration. The circular confirms that when full input tax credit (ITC) is available, the invoice value is deemed the open market value, as per Rule 28 of the CGST Rules. This clarification aligns with previous guidance on domestic transactions and applies to imports where the recipient in India pays tax under the reverse charge mechanism. The circular advises issuing trade notices to disseminate this information.
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