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of <h1>Tripura Government Clarifies Valuation of Imported Services; Aligns with CBIC Guidelines on Full ITC Eligibility for Related Parties.</h1> The circular issued by the Government of Tripura clarifies the valuation of imported services by related persons when the recipient is eligible for full input tax credit (ITC). It aligns with the Central Board of Indirect Taxes and Customs' guidelines, emphasizing that the value declared in invoices is deemed the open market value if the recipient can claim full ITC. This applies to both domestic and foreign entities providing services to related parties in India. The circular also specifies that registered persons in India must self-invoice and pay tax under the reverse charge mechanism for such imports.
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