Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The circular addresses the valuation of imported services from a related person when the recipient is eligible for full input tax credit. It clarifies that where no consideration is involved, and the activities are not considered supplies by the related person in India, the value declared in the invoice by the recipient may be deemed the open market value. The circular references Rule 28 of the CGST Rules, emphasizing that where full input tax credit is available to the recipient, the declared value in the invoice is deemed the open market value. It extends the principles applied to domestic related parties to foreign entities providing services to related parties in India. The recipient in India must pay tax under the reverse charge mechanism and issue a self-invoice. The circular instructs field formations to publicize its content and invites feedback for implementation issues.
The circular addresses the valuation of imported services from a related person when the recipient is eligible for full input tax credit. It clarifies that where no consideration is involved, and the activities are not considered supplies by the related person in India, the value declared in the invoice by the recipient may be deemed the open market value. The circular references Rule 28 of the CGST Rules, emphasizing that where full input tax credit is available to the recipient, the declared value in the invoice is deemed the open market value. It extends the principles applied to domestic related parties to foreign entities providing services to related parties in India. The recipient in India must pay tax under the reverse charge mechanism and issue a self-invoice. The circular instructs field formations to publicize its content and invites feedback for implementation issues.
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