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        GST

        Sub-rule (2) of Rule 28 of CGST Rules provides for valuation of...

        New Rule 28(2) CGST: Corporate Guarantees Valued at 1% Annually or Actual Consideration; ITC Available; GST on New Guarantees Only.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Sub-rule (2) of Rule 28 of CGST Rules provides for valuation of supply of services of providing corporate guarantee between related persons. It applies to guarantees issued/renewed on or after 26.10.2023. Value is 1% of guaranteed amount per annum or actual consideration, whichever is higher. ITC is available irrespective of loan disbursal. No GST on takeover of existing loans unless fresh guarantee. For co-guarantors, value is sum of consideration or proportionate 1% of respective guaranteed amounts. Domestic guarantees under forward charge, overseas under reverse charge. Second proviso of sub-rule (1) applies. Export of such services excluded.
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