The Central Board of Indirect Taxes and Customs (CBIC) on October 26, 2023, published the Central Goods and Services Tax (Fourth Amendment) Rules, 2023 to further amend the Central Goods and Services Tax Rules, 2017
This shall come into force on October 26, 2023.
The following has been amended namely: -
• In Rule 28 which states “Value of supply of goods or services or both between distinct or related persons, other than through an agent” shall be renumbered as sub-rule (1) and after the sub-rule as so renumbered, the following sub-rule shall be inserted, namely: -
“(2) Notwithstanding anything contained in sub-rule (1), the value of supply of services by a supplier to a recipient who is a related person, by way of providing a corporate guarantee to any banking company or financial institution on behalf of the said recipient, shall be deemed to be one percent of the amount of such guarantee offered, or the actual consideration, whichever is higher.”
• in rule 142 which states “Notice and order for the demand of amounts payable under the Act” in sub-rule (3), for the words “proper officer shall issue an order”, the words “proper officer shall issue an intimation” shall be substituted.
• In the FORM GST REG-01, in PART-B, in serial number 2, after clause (xiv), the following clause shall be inserted, namely: - “(xiva) One Person Company”
[Notification No. 52/2023 – Central Tax]
