MNC arms to pay GST as per transaction value quoted by parents

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday clarified that if an MNC subsidiary in India as service recipient is eligible to claim full input tax credit (ITC) under the GST, the value declared by the overseas affiliate in the invoice will be treated as the taxable value. But in cases, where the foreign affiliate does not raise an invoice, it would be presumed that the value…