CBIC Issued Clarification on Valuation of Supply of Import of Services by a Related Person | Circular
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- Last Updated on 28 June, 2024
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Circular No.210/4/2024-GST dated June 26th, 2024
The CBIC has clarified that in cases where full ITC is available to the recipient and the invoice is not issued by the related domestic entity with respect to any service provided by the foreign affiliate to it, the value of such services may be deemed to be declared as Nil, and may be deemed as open market value in terms of second proviso to rule 28(1) of CGST Rules.
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