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of <h1>Gujarat Tax Circular Clarifies Valuation of Personal and Corporate Guarantees Under GGST Act, Rule 28 Applies.</h1> The circular issued by the Chief Commissioner of State Tax, Gujarat, addresses the taxability of personal and corporate guarantees under the Gujarat Goods and Services Tax Act, 2017. It clarifies that personal guarantees provided by company directors to banks for securing credit facilities are considered a supply of service, even without consideration, but are valued at zero due to RBI guidelines prohibiting remuneration. Corporate guarantees between related parties, such as holding and subsidiary companies, are also deemed a supply of service. Their taxable value is determined per Rule 28 of the GGST Rules, following recent amendments for uniformity in valuation practices.
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