Corporate guarantee valuation under GST clarified for related-party guarantees, covering taxable supply, credit, and charge mechanism. Clarification is issued on the taxability and valuation of corporate guarantee services between related persons under the APGST framework. The service remains taxable; Rule 28(2) governs valuation only, with pre- and post-26 October 2023 guarantees valued under the applicable version of Rule 28. The value is linked to the amount guaranteed, not actual loan disbursal, and full input tax credit may be available subject to the Act and Rules. Domestic guarantees are under forward charge, overseas guarantees to India under reverse charge, and the rule does not apply to export of such services.