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of <h1>Maharashtra GST Circular Clarifies Taxability of Personal and Corporate Guarantees as Supply of Service under CGST Rules.</h1> The Maharashtra State GST department issued Trade Circular 25 T of 2023 to clarify the taxability of personal and corporate guarantees under GST. The circular aligns with the CBIC's guidelines, stating that personal guarantees provided by company directors to banks, even without consideration, are treated as supply of service between related persons under the CGST Act, but with a taxable value of zero due to RBI guidelines. Corporate guarantees between related entities or holding and subsidiary companies are also considered taxable supplies, with their value determined by Rule 28 of the CGST Rules. The circular aims to ensure uniformity in tax practices.
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