Articles 30th Aug 2024
While the GST Circular in the context of valuation of import of services, facilitates the taxpayers under GST to adopt any value or a NIL value for it to be deemed as Open Market Value (OMV), it is important that organisations are mindful of the compliance and valuation requirements under other legislations such as the Income-tax Act, 1961 and Customs Act, 1962 which may have a direct impact on import transactions.
Against this background, our Partner Stella Joseph and Principal Associate Yash K Desai, have co-authored an article, titled, “Import of Services from Related Parties – Interplay of Valuation between GST, Income-tax and Customs” with inputs from our Associate Dikshita Rakhecha published on Mondaq.
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