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of <h1>Assam GST Act clarifies taxability of personal and corporate guarantees; Rule 28 guides valuation for related parties.</h1> The circular issued by the Principal Commissioner of State Tax, Assam, clarifies the taxability of personal and corporate guarantees under the Assam GST Act. It states that personal guarantees provided by company directors to banks for securing credit facilities are considered a supply of service, even without consideration, but have a taxable value of zero if no remuneration is involved. Corporate guarantees between related persons, such as a holding company and its subsidiary, are also treated as taxable supplies. The taxable value for these services is determined by Rule 28 of the Assam GST Rules, with recent amendments ensuring uniformity in valuation practices.
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