Punjab and Haryana High Court stays CBIC Circular dated 27.10.2023, to the extent it clarifies that corporate guarantee (CG) provided by a company to a bank/ financial institutions providing credit facilities to the other company, where both companies are related, even when made without any consideration, is to be treated as a supply of service between related parties as per provisions of Schedule I of CGST Act, 2017.
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The matter is before Justice Sanjeev Prakash Sharma and Justice Sukhvinder Kaur.
Sr. Advocate Sujit Ghosh along with Advocates Mannat Waraich, Anshika Agarwal (from CSG-Legal) and Advocate Abhinav Sood are appearing on behalf of Petitioner, whereas Revenue is being represented by Advocate Rishabh Kapoor.
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