Valuation of related party corporate guarantees now deemed at a minimum rate, with aligned procedural and form updates. A new rule deems the value of related-party services supplying a corporate guarantee as one percent of the guarantee amount or actual consideration, whichever is higher. Procedural amendments change issuance from 'order' to 'intimation' in one provision and impose a one-year lapse for certain actions. Forms are updated: 'One Person Company' is added to registrant types; a detailed cancellation order template for tax deductors/collectors is substituted; GSTR-8 interest, late fee and debit-entry reporting is reformatted; and practitioner enrolment categories in GST PCT-01 are expanded.
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Provisions expressly mentioned in the judgment/order text.
Valuation of related party corporate guarantees now deemed at a minimum rate, with aligned procedural and form updates.
A new rule deems the value of related-party services supplying a corporate guarantee as one percent of the guarantee amount or actual consideration, whichever is higher. Procedural amendments change issuance from "order" to "intimation" in one provision and impose a one-year lapse for certain actions. Forms are updated: "One Person Company" is added to registrant types; a detailed cancellation order template for tax deductors/collectors is substituted; GSTR-8 interest, late fee and debit-entry reporting is reformatted; and practitioner enrolment categories in GST PCT-01 are expanded.
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