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of <h1>West Bengal clarifies GST rules for corporate guarantees between related parties u/r 28; details valuation and tax implications.</h1> The circular issued by the West Bengal Directorate of Commercial Taxes provides clarifications on the taxability and valuation of services related to corporate guarantees between related parties under the West Bengal Goods and Services Tax Rules, 2017. It addresses the applicability of sub-rule (2) of Rule 28 for guarantees issued before and after its insertion on October 26, 2023. The document clarifies that the valuation of corporate guarantees should be based on the guaranteed amount rather than the loan disbursed and outlines conditions for input tax credit eligibility. It further explains GST implications for co-guarantors, intra-group guarantees, and exports, specifying that GST is payable under the forward charge mechanism unless provided by a foreign entity. The circular also details the calculation of GST based on the tenure of the guarantee and confirms that certain provisions do not apply to exports.
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