Valuation of related party corporate guarantees fixed at a minimum threshold or actual consideration; registration and form amendments follow. A new sub-rule deems the value of services where a supplier provides a corporate guarantee to a related person to be one per cent of the guarantee amount or the actual consideration, whichever is higher. Rule 142(3) substitutes 'order' with 'intimation.' Rule 159(2) and FORM GST DRC-22 now provide that specified orders cease on issuance of a subsequent order or on expiry of one year from issuance, whichever is earlier. Forms REG-01, REG-08, GSTR-8 and GST PCT-01 are amended to add registration categories, replace the cancellation order template, restructure TCS reporting fields, and expand enrolment qualifications.
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Provisions expressly mentioned in the judgment/order text.
Valuation of related party corporate guarantees fixed at a minimum threshold or actual consideration; registration and form amendments follow.
A new sub-rule deems the value of services where a supplier provides a corporate guarantee to a related person to be one per cent of the guarantee amount or the actual consideration, whichever is higher. Rule 142(3) substitutes "order" with "intimation." Rule 159(2) and FORM GST DRC-22 now provide that specified orders cease on issuance of a subsequent order or on expiry of one year from issuance, whichever is earlier. Forms REG-01, REG-08, GSTR-8 and GST PCT-01 are amended to add registration categories, replace the cancellation order template, restructure TCS reporting fields, and expand enrolment qualifications.
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