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of <h1>West Bengal GST: Declared Invoice Value as Market Value for Imported Services with Full ITC Eligibility.</h1> The circular clarifies the valuation of imported services from related foreign entities when the recipient in India is eligible for full input tax credit (ITC). According to the West Bengal Goods and Services Tax Act and its rules, the declared invoice value is considered the open market value if full ITC is available. This applies to supplies between related or distinct persons, including foreign affiliates providing services to their Indian counterparts. If no invoice is issued, the service value is deemed nil but treated as the open market value. The circular aims to ensure consistent implementation across field formations.
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