https://www.taxtmi.com/article/detailed?id=13097 Interpretation of eligible for full Input Tax Credit (ITC) in the provisos to Rule 28 turns on whether eligibility is assessed per transaction or for the recipient overall. Rule 28 sets valuation methods between related persons and includes provisos deeming invoice value as market or guarantee value where the recipient is eligible for full ITC. Given that ITC entitlement and reversal rules operate transactionally and Rule 28 addresses valuation by transaction, the provisos should be read to require transaction-level ITC eligibility for the deeming provision to apply, and administrative clarification is desirable. en-us Mon, 11 Nov 2024 15:49:19 +0530 Mon, 11 Nov 2024 15:49:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13097 Interpretation of eligible for full Input Tax Credit (ITC) in the provisos to Rule 28 turns on whether eligibility is assessed per transaction or for the recipient overall. Rule 28 sets valuation methods between related persons and includes provisos deeming invoice value as market or guarantee value where the recipient is eligible for full ITC. Given that ITC entitlement and reversal rules operate transactionally and Rule 28 addresses valuation by transaction, the provisos should be read to require transaction-level ITC eligibility for the deeming provision to apply, and administrative clarification is desirable. Articles Goods and Services Tax - GST Mon, 11 Nov 2024 15:49:19 +0530 https://www.taxtmi.com/article/detailed?id=13097