https://www.taxtmi.com/article/detailed?id=15699 When a corporate guarantee is furnished without consideration to a related person who is eligible for full input tax credit, valuation under Rule 28(2) CGST Rules must be applied and binding CBIC circulars clarifying that such transactions can have nil value (where no invoice is issued and conditions are met) are material. Assessing officers must expressly consider these circulars and the proviso to Rule 28(2) that treats invoice value as open market value for recipients eligible for full ITC; failure to do so requires reconsideration. en-us Mon, 05 Jan 2026 08:04:43 +0530 Mon, 05 Jan 2026 08:04:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=15699 When a corporate guarantee is furnished without consideration to a related person who is eligible for full input tax credit, valuation under Rule 28(2) CGST Rules must be applied and binding CBIC circulars clarifying that such transactions can have nil value (where no invoice is issued and conditions are met) are material. Assessing officers must expressly consider these circulars and the proviso to Rule 28(2) that treats invoice value as open market value for recipients eligible for full ITC; failure to do so requires reconsideration. Articles Goods and Services Tax - GST Mon, 05 Jan 2026 08:04:43 +0530 https://www.taxtmi.com/article/detailed?id=15699