The Government of Odisha on November 02, 2023, notified the Odisha Goods and Services Tax (Fourth Amendment) Rules, 2023 further to amend the Odisha Goods and Services Tax Rules, 2017.
The following has been stated: -
•In the Odisha Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), rule 28 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 the said rules, in rule 142, 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 said rules in rule 159 in sub-rule (2) after the words "Commissioner to that effect", the words "or on expiry of a period of one year from the date of issuance of an order under sub-rule (1), whichever is earlier”, shall be substituted.
They shall come into force on November 02, 2023.
The detailed notification is given in the document attached below.
