Deemed valuation for corporate guarantees and procedural GST rule changes affecting registration, forms and time-limits introduced. The Haryana GST (Fifth Amendment) Rules, 2023 (effective 26 October 2023) amend the 2017 Rules to deem the value of services by a supplier to a related person for providing a corporate guarantee to be a prescribed percentage of the guarantee amount or actual consideration, whichever is higher; substitute procedural language in rule 142(3) to require an intimation rather than an order; insert a one year expiry contingency in rule 159(2) and FORM GST DRC-22; add 'One Person Company' to FORM GST REG-01; replace FORM GST REG-08 with a comprehensive cancellation template; revise FORM GSTR-8 entries for TCS, interest and late fee; and expand enrolment criteria in FORM GST PCT-01 PART-B.
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Deemed valuation for corporate guarantees and procedural GST rule changes affecting registration, forms and time-limits introduced.
The Haryana GST (Fifth Amendment) Rules, 2023 (effective 26 October 2023) amend the 2017 Rules to deem the value of services by a supplier to a related person for providing a corporate guarantee to be a prescribed percentage of the guarantee amount or actual consideration, whichever is higher; substitute procedural language in rule 142(3) to require an intimation rather than an order; insert a one year expiry contingency in rule 159(2) and FORM GST DRC-22; add "One Person Company" to FORM GST REG-01; replace FORM GST REG-08 with a comprehensive cancellation template; revise FORM GSTR-8 entries for TCS, interest and late fee; and expand enrolment criteria in FORM GST PCT-01 PART-B.
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