(7) The value of taxable services provided by such class of service providers as may be notified by the Government, on the recommendations of the Council, as referred to in paragraph 2 of Schedule I of the said Act between distinct persons as referred to in section 25, where input tax credit is available, shall be deemed to be NIL.
Sir
PLs explain this.''where input tax credit is available, shall be deemed to be NIL.''
Rule 32(7) GST: Services to Distinct Persons Valued NIL When Input Tax Credit Available, Even Without Consideration. A query was raised regarding Rule 32(7) of the Goods and Services Tax (GST) concerning the valuation of taxable services. The rule states that for certain service providers, as notified by the government, the value of services provided to distinct persons, as defined in section 25 of the GST Act, will be deemed NIL when input tax credit is available. This applies even if the services are supplied without consideration, as outlined in Schedule I, paragraph 2, which addresses supplies between related or distinct persons in the course of business. (AI Summary)
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