Valuation of related-party corporate guarantees deemed at a prescribed minimum or actual consideration, altering GST valuation and forms. The rules deem the value of services consisting of a corporate guarantee provided by a supplier to a related person to be the higher of a prescribed minimum of the guarantee amount or the actual consideration, and amend procedural provisions to substitute issuance of an 'intimation' for an 'order' and to provide that certain orders cease on issuance of a Commissioner's order or upon expiry of one year. Multiple forms are revised: REG-01 adds One Person Company; REG-08 is replaced by a detailed cancellation template; GSTR-8, PCT-01 enrolment entries, and DRC-22 are also amended.
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Provisions expressly mentioned in the judgment/order text.
Valuation of related-party corporate guarantees deemed at a prescribed minimum or actual consideration, altering GST valuation and forms.
The rules deem the value of services consisting of a corporate guarantee provided by a supplier to a related person to be the higher of a prescribed minimum of the guarantee amount or the actual consideration, and amend procedural provisions to substitute issuance of an "intimation" for an "order" and to provide that certain orders cease on issuance of a Commissioner's order or upon expiry of one year. Multiple forms are revised: REG-01 adds One Person Company; REG-08 is replaced by a detailed cancellation template; GSTR-8, PCT-01 enrolment entries, and DRC-22 are also amended.
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