The latest circular no. 210/4/2024-GST dated 26.06.2024 provides for acceptance of the value adopted by the recipient in case of services received from foreign affiliates. If no value is adopted, the value is deemed as NIL.
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If the clarification is to address the historical transactions, it’s fine except some ambiguities exists in relation to the period.
However, if the clarification applies to an ongoing and future transactions, the question may arise if at all any reverse charge payment is required to be made on monthly basis or that if it is not made, the value shall be deemed NIL by default??
This is a significant clarification and will have a far reaching impact.
Let’s wait!!!!
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