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=67739 The circular clarifies that where a registered person in India imports services from a related person abroad and the recipient is eligible for full input tax credit, the value declared in the invoice shall be deemed the open market value for valuation. This applies to reverse charge imports where the Indian recipient must issue a self-invoice and pay tax; if no supplier invoice exists the recipient's declared nil value may be treated as the open market value. en-us Tue, 30 Jul 2024 00:00:00 +0530 Tue, 20 Aug 2024 17:50:00 +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=67739 The circular clarifies that where a registered person in India imports services from a related person abroad and the recipient is eligible for full input tax credit, the value declared in the invoice shall be deemed the open market value for valuation. This applies to reverse charge imports where the Indian recipient must issue a self-invoice and pay tax; if no supplier invoice exists the recipient's declared nil value may be treated as the open market value. Circulars GST - States Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67739