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of <h1>Karnataka Circular Clarifies Valuation of Imported Services from Related Entities; Rule 28 Deems Invoice Value as Market Value.</h1> The circular issued by the Commissioner of Commercial Taxes, Karnataka, clarifies the valuation of imported services from related foreign entities when the recipient in India is eligible for full input tax credit (ITC). As per Rule 28 of the Karnataka Goods and Services Tax Rules, the declared invoice value is deemed the open market value if full ITC is available. This rule applies to both domestic and international transactions between related entities. The circular emphasizes that in cases where no invoice is issued, the value can be considered nil. The aim is to ensure uniform application of tax provisions across field formations.
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