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GST on corporate guarantees: Centre to issue clarification
The New Indian Express
|June 24, 2024
DURING its 53rd meeting, the GST Council recommended a retrospective amendment of Rule 28(2) of the CGST Rules, which deals with the valuation of services involving corporate guarantees provided between related parties, with effect from October 26, 2023.
The recommendation specifies that the valuation under Rule 28(2) of the CGST Rules will not be applicable in cases of exporting such services or when the recipient is eligible for full input tax credit. The central board of indirect taxes and customs (CBIC) will come out with the circular to clarify various issues regarding valuation of services of providing corporate guarantees between related parties, a government official told this paper. The official declined to disclose the details. TNIE spoke with experts to understand their expectat
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