CBIC issued Notification no. 52/2023 – Central Tax dated 26.10.2023 to further amend the Central Goods and Services Tax Rules, 2017.
Sub-rule (2) is inserted in rule 28 as “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 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.”.
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” is 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 order under sub-rule (1), whichever is earlier,” is inserted.
In the said rules, in 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”
In the said rules, for FORM GST REG-08, is substitued/amended.
Notification no. 05/2023 – Integrated Tax dated 26.10.2023 is issued by CBIC amending Notification no. 01/2023 – Integrated Tax dated 31.07.2023.
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