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        GST - States

        This trade circular clarifies various issues related to...

        New GST Rules Define Taxability and Valuation for Corporate Guarantees Among Related Parties Effective October 26, 2023.

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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.

        This trade circular clarifies various issues related to taxability and valuation of supply of services involving corporate guarantees provided between related persons. Key points are: Corporate guarantees issued before 26.10.2023 will be valued as per pre-amended rules, while those issued/renewed after will follow the new sub-rule (2) of Rule 28. Valuation is based on the guaranteed amount, not the actual loan disbursed. For co-guarantors, GST is payable proportionately on 1% of respective guaranteed amounts. For intra-group guarantees, GST is payable under forward charge by the guarantor entity. For guarantees of fixed tenure, 1% of guaranteed amount per annum or actual consideration, whichever is higher, is the taxable value. The second proviso benefit of Rule 28(1) regarding declared invoice value is available for related party corporate guarantees too. The sub-rule (2) valuation doesn't apply for export of such services.

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