Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit

Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit https://www.taxtmi.com/circulars?id=67668 Where a recipient of imported services from a related foreign person is eligible for full input tax credit, the value declared in the invoice by the recipient shall be deemed to be the open market value of those services. The recipient must pay tax under the reverse charge mechanism and issue a self-invoice; if no invoice is issued by the recipient for particular services, the recipient may deem the value as Nil, which shall be treated as the open market value for valuation purposes. en-us Tue, 02 Jul 2024 00:00:00 +0530 Fri, 12 Jul 2024 18:49:00 +0530 TaxTMI RSS Generator Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit https://www.taxtmi.com/circulars?id=67668 Where a recipient of imported services from a related foreign person is eligible for full input tax credit, the value declared in the invoice by the recipient shall be deemed to be the open market value of those services. The recipient must pay tax under the reverse charge mechanism and issue a self-invoice; if no invoice is issued by the recipient for particular services, the recipient may deem the value as Nil, which shall be treated as the open market value for valuation purposes. Circulars GST - States Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67668