Personal Guarantee and Corporate Guarantee

Notification

Taxability of Personal Guarantee and Corporate Guarantee under GST| Clarified by CBIC

Providing guarantee is a very common part of business finance wherein one person provides guarantee to the bank or financier on behalf of the other person for securing loan or credit facility. In some cases, commission is paid as a consideration for providing guarantee. CBIC has received various representations with respect to applicability of GST on personal guarantee provided by Director to the bank for granting credit facility to the company or corporate guarantee provided by the company on behalf of its sister concern or subsidiary company.

28/11/2023

Clarification on the manner of dealing with differences in ITC availed FORM GSTR-3B Vs ITC reflecting in GSTR-2A for FY 2017-18 and 2018-19

Notification

Clarification on the manner of dealing with differences in ITC availed FORM GSTR-3B Vs ITC reflecting in GSTR-2A for FY 2017-18 and 2018-19

, the department has clarified that how the difference should be dealt of Input Tax Credit appearing in GSTR-2A and ITC claimed in GSTR-3B for FY 2017-18 and 2018-19 vide Circular No. 183/15/2022-GST dated 27th December, 2022.

06/01/2023

GST Refund

Revised procedure of granting IGST Refund to Risky Exporters

CBIC has issued a detailed instruction on Revised procedure of granting IGST Refund to Risky Exporters. The board has made changes in the SOP prescribed earlier vide Instructions No. 04/2022-GST dated 28th November 2022.

05/12/2022

GST Amendments as recommended in 47th GST Council Meeting

Council Meetings

GST Amendments as recommended in 47th GST Council Meeting

47th GST Council meeting held on 28th June and 29th June 2022, GST Council recommended various amendments in GST Rate on goods and services to streamline GST refund due to inverted duty structure, removed various exemptions on goods and services, suggested changes to facility smooth trade operations. To give effect to GST amendments suggested by GST Council, CBIC has issued various notifications and circulars.

23/07/2022

Once the application has been processed and order passed, plain effect of same can’t be avoided

Circulars

Once the application has been processed and order passed, plain effect of same can’t be avoided

Once the application had been processed and or order passed, which has attained finality, the respondents cannot escape the plain effect of the same. They also cannot escape the liability of interest that arises on non-compliance of the same.

09/11/2021

Archives

Taxability of Personal Guarantee and Corporate Guarantee under GST| Clarified by CBIC

Clarification on the manner of dealing with differences in ITC availed FORM GSTR-3B Vs ITC reflecting in GSTR-2A for FY 2017-18 and 2018-19

Revised procedure of granting IGST Refund to Risky Exporters

GST Amendments as recommended in 47th GST Council Meeting

Once the application has been processed and order passed, plain effect of same can’t be avoided

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Archives

Taxability of Personal Guarantee and Corporate Guarantee under GST| Clarified by CBIC

Clarification on the manner of dealing with differences in ITC availed FORM GSTR-3B Vs ITC reflecting in GSTR-2A for FY 2017-18 and 2018-19

Revised procedure of granting IGST Refund to Risky Exporters

GST Amendments as recommended in 47th GST Council Meeting

Once the application has been processed and order passed, plain effect of same can’t be avoided

Categories

Recent Posts

Let us help you

Contact us

Our Services​

Working Time

For You

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