Valuation of related party guarantees set at a prescribed minimum percentage or actual consideration; alters GST forms and registration obligations. The amendment deems as taxable the service of providing a corporate guarantee by a supplier to a related person, valuing that service at a prescribed minimum percentage of the guarantee amount or the actual consideration, whichever is higher. It replaces 'order' with 'intimation' in rule 142(3); subjects certain actions to the earlier of Commissioner communication or one year after issuance under rule 159; substitutes FORM GST REG 08 with a cancellation template; amends GSTR 8 and GST PCT 01 enrolment criteria; and adds a provision in FORM GST DRC 22 that the order ceases on issuance of FORM GST DRC 23 or after one year.
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Valuation of related party guarantees set at a prescribed minimum percentage or actual consideration; alters GST forms and registration obligations.
The amendment deems as taxable the service of providing a corporate guarantee by a supplier to a related person, valuing that service at a prescribed minimum percentage of the guarantee amount or the actual consideration, whichever is higher. It replaces "order" with "intimation" in rule 142(3); subjects certain actions to the earlier of Commissioner communication or one year after issuance under rule 159; substitutes FORM GST REG 08 with a cancellation template; amends GSTR 8 and GST PCT 01 enrolment criteria; and adds a provision in FORM GST DRC 22 that the order ceases on issuance of FORM GST DRC 23 or after one year.
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