Valuation of related-party corporate guarantees: deemed higher of prescribed rate or actual consideration; GST forms and cancellation procedures updated. The Rules amend valuation, procedural and form provisions: supplies by a supplier to a related person for providing a corporate guarantee are deemed valued at one per cent of the guarantee amount or actual consideration, whichever is higher. Rule 142(3) requires issuance of an 'intimation' instead of an 'order.' Rule 159(2) and FORM GST DRC-22 include a one-year expiry or cessation on issuance of a subsequent Commissioner order. Forms REG-01, REG-08, GSTR-8 and GST PCT-01 are revised to add One Person Company, prescribe a new cancellation template, modify TCS reporting entries, and expand practitioner enrolment criteria.
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Provisions expressly mentioned in the judgment/order text.
Valuation of related-party corporate guarantees: deemed higher of prescribed rate or actual consideration; GST forms and cancellation procedures updated.
The Rules amend valuation, procedural and form provisions: supplies by a supplier to a related person for providing a corporate guarantee are deemed valued at one per cent of the guarantee amount or actual consideration, whichever is higher. Rule 142(3) requires issuance of an "intimation" instead of an "order." Rule 159(2) and FORM GST DRC-22 include a one-year expiry or cessation on issuance of a subsequent Commissioner order. Forms REG-01, REG-08, GSTR-8 and GST PCT-01 are revised to add One Person Company, prescribe a new cancellation template, modify TCS reporting entries, and expand practitioner enrolment criteria.
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