Valuation of related-party corporate guarantees set as a specified minimum or actual consideration, altering GST valuation and compliance obligations. A new sub rule deems the value of services by a supplier to a related person for providing a corporate guarantee to be a specified minimum of the guarantee amount or the actual consideration, whichever is higher. Procedural language is changed from 'order' to 'intimation' in one provision, and certain actions now lapse on issuance of a Commissioner order or on expiry of one year. Registration forms are updated to add One Person Company and a substituted cancellation form sets effective cancellation date, pending return obligations, and notes that cancellation does not affect prior liabilities.
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Provisions expressly mentioned in the judgment/order text.
Valuation of related-party corporate guarantees set as a specified minimum or actual consideration, altering GST valuation and compliance obligations.
A new sub rule deems the value of services by a supplier to a related person for providing a corporate guarantee to be a specified minimum of the guarantee amount or the actual consideration, whichever is higher. Procedural language is changed from "order" to "intimation" in one provision, and certain actions now lapse on issuance of a Commissioner order or on expiry of one year. Registration forms are updated to add One Person Company and a substituted cancellation form sets effective cancellation date, pending return obligations, and notes that cancellation does not affect prior liabilities.
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