Corporate guarantee valuation deemed at a prescribed rate or actual consideration for related party guarantees under amended GST rules. Where a supplier who is a related person provides a corporate guarantee to a banking company or financial institution on behalf of the recipient, the value of the supply of services shall be deemed to be one per cent of the amount of the guarantee offered, or the actual consideration, whichever is higher. The amendment also substitutes FORM GST REG 08 with a revised cancellation order template requiring disclosure of effective cancellation date, pending return obligations, and a statement that cancellation does not affect liabilities for prior periods.
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.
Corporate guarantee valuation deemed at a prescribed rate or actual consideration for related party guarantees under amended GST rules.
Where a supplier who is a related person provides a corporate guarantee to a banking company or financial institution on behalf of the recipient, the value of the supply of services shall be deemed to be one per cent of the amount of the guarantee offered, or the actual consideration, whichever is higher. The amendment also substitutes FORM GST REG 08 with a revised cancellation order template requiring disclosure of effective cancellation date, pending return obligations, and a statement that cancellation does not affect liabilities for prior periods.
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