diff --git a/erpnext/hooks.py b/erpnext/hooks.py
index 547bdb3e4c3..9d0f2d6ff83 100644
--- a/erpnext/hooks.py
+++ b/erpnext/hooks.py
@@ -263,8 +263,9 @@ doc_events = {
 			"erpnext.regional.india.utils.validate_reverse_charge_transaction",
 			"erpnext.regional.india.utils.update_itc_availed_fields",
 			"erpnext.regional.united_arab_emirates.utils.update_grand_total_for_rcm",
-			"erpnext.regional.united_arab_emirates.utils.validate_returns"
-			]
+			"erpnext.regional.united_arab_emirates.utils.validate_returns",
+			"erpnext.regional.india.utils.update_taxable_values"
+		]
 	},
 	"Payment Entry": {
 		"on_submit": ["erpnext.regional.create_transaction_log", "erpnext.accounts.doctype.payment_request.payment_request.update_payment_req_status", "erpnext.accounts.doctype.dunning.dunning.resolve_dunning"],
diff --git a/erpnext/patches/v12_0/create_itc_reversal_custom_fields.py b/erpnext/patches/v12_0/create_itc_reversal_custom_fields.py
index 090578ab977..0078a53cd69 100644
--- a/erpnext/patches/v12_0/create_itc_reversal_custom_fields.py
+++ b/erpnext/patches/v12_0/create_itc_reversal_custom_fields.py
@@ -37,6 +37,11 @@ def execute():
 				fieldtype='Select', insert_after='reason_for_issuing_document', print_hide=1,
 				options='Input Service Distributor\nImport Of Service\nImport Of Capital Goods\nITC on Reverse Charge\nIneligible As Per Section 17(5)\nIneligible Others\nAll Other ITC',
 				default="All Other ITC")
+		],
+		'Purchase Invoice Item': [
+			dict(fieldname='taxable_value', label='Taxable Value',
+				fieldtype='Currency', insert_after='base_net_amount', hidden=1, options="Company:company:default_currency",
+				print_hide=1)
 		]
 	}
 
diff --git a/erpnext/regional/india/setup.py b/erpnext/regional/india/setup.py
index cd55b399e7a..6d2cd6646b9 100644
--- a/erpnext/regional/india/setup.py
+++ b/erpnext/regional/india/setup.py
@@ -482,7 +482,7 @@ def make_custom_fields(update=True):
 		'Sales Invoice Item': [hsn_sac_field, nil_rated_exempt, is_non_gst, taxable_value],
 		'Purchase Order Item': [hsn_sac_field, nil_rated_exempt, is_non_gst],
 		'Purchase Receipt Item': [hsn_sac_field, nil_rated_exempt, is_non_gst],
-		'Purchase Invoice Item': [hsn_sac_field, nil_rated_exempt, is_non_gst],
+		'Purchase Invoice Item': [hsn_sac_field, nil_rated_exempt, is_non_gst, taxable_value],
 		'Material Request Item': [hsn_sac_field, nil_rated_exempt, is_non_gst],
 		'Salary Component': [
 			dict(fieldname=  'component_type',