CBIC Prescribes Valuation of Inter-corporate Guarantee Provided to Banking Company or Financial Institution
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- Last Updated on 28 October, 2023
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Notification No. 52/2023-Central Tax dated October 26th, 2023
The CBIC has notified Central Goods and Services Tax (Fourth Amendment) Rules, 2023. In this rules, it has been provided that the value of supply of services by a supplier to a recipient who is a related person, by way of providing corporate guarantee to any banking company or financial institution on behalf of the said recipient, shall be deemed to be 1% of the amount of such guarantee offered, or the actual consideration, whichever is higher.
It has also been provided that the provisional attachment order shall cease to have any effect after expiry of period of 1 year from date of order. Also, the eligibility criteria of GST practitioners has been widened.
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