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of <h1>Clarification on GST Valuation for Imported Services Between Related Parties u/r 28(1); Reverse Charge Applies.</h1> The circular clarifies the valuation of imported services between related parties under the GST framework, specifically when the recipient is eligible for full input tax credit (ITC). It states that the value declared in the invoice is considered the open market value in such cases, as per Rule 28(1) of the CGST Rules. For services imported by a registered person in India from a related foreign entity, tax must be paid under the reverse charge mechanism. If full ITC is available and no invoice is issued, the service value may be deemed as Nil. This clarification ensures uniform application of GST provisions.
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