Valuation of corporate guarantee by related persons prescribed as higher of deemed rate or actual consideration under GST. Effective 26 October 2023, rule changes include deeming the value of services for provision of a corporate guarantee by a supplier to a related person as the higher of a prescribed deemed rate of the guarantee amount or the actual consideration; substituting 'issue an intimation' for 'issue an order' in rule 142(3); limiting a specified action in rule 159(2) to the Commissioner or expiry of one year from issuance of an order under sub-rule (1), whichever is earlier; additions to FORM GST REG-01 and a substituted FORM GST REG-08 for cancellation of Tax Deductor/Collector registrations; amendments to FORM GSTR-8 and FORM GST PCT-01 enrolment categories; and a cessation provision added to FORM GST DRC-22.
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Valuation of corporate guarantee by related persons prescribed as higher of deemed rate or actual consideration under GST.
Effective 26 October 2023, rule changes include deeming the value of services for provision of a corporate guarantee by a supplier to a related person as the higher of a prescribed deemed rate of the guarantee amount or the actual consideration; substituting "issue an intimation" for "issue an order" in rule 142(3); limiting a specified action in rule 159(2) to the Commissioner or expiry of one year from issuance of an order under sub-rule (1), whichever is earlier; additions to FORM GST REG-01 and a substituted FORM GST REG-08 for cancellation of Tax Deductor/Collector registrations; amendments to FORM GSTR-8 and FORM GST PCT-01 enrolment categories; and a cessation provision added to FORM GST DRC-22.
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