CBIC vide notification dated the 26th October has issued the Central Goods and Services Tax (Fourth Amendment) Rules, 2023. The amendment provides that the 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 one per cent of the amount of such guarantee offered, or the actual consideration, whichever is higher.
Further, the amendment has revised the FORM GST REG-08 – Order of Cancellation of Registration as Tax Deductor at source or Tax Collector at source.
