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TMI BlogCorporate Bank GuaranteeX X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Bank Guarantee X X X X Extracts X X X X X X X X Extracts X X X X ..... G is issued by an Overseas Entity for its subsidiary in India, whether ITC is available to the beneficiary, ie, the subsidiary, and how invoice will be raised to avail ITC. Also, Whether GST applicable under Rule 28(2) wef 26-10-2023 @ 18% of 1% of BG value for 2023-2024 and every FY thereafter. How will the value be determined prior to 26-10-2023 under rule 28. Reply By Shilpi Jain: The Reply: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CG is a very big issue these days and the most sought after issue by the department as the stakes are very high. Before the amendment of 1% in rule - can take a stand not liable. Before or after - if recipient is eligible for full credit, even not issuing an invoice is sufficient compliance. So no need to worry. Reply By SUBHASISH SARKAR: The Reply: Thanks Madam for the clarity. However, any i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest will be chargeable u/s 50 if GST for 2023-2024 is paid now ? I feel, since neither the section nor the rules nor the connected circulars specify any time limit for remittance of this liability, no interest should accrue. Reply By KASTURI SETHI: The Reply: Pl. go through the following circulars :- C.B.I. & C. Circular No. 204/16/2023-GST, dated 27-10-2023. C.B.I. & C. Circular No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 225/19/2024-GST, dated 11-7-2024. Reply By Sadanand Bulbule: The Reply: I endorse the said CBIC Circulars referred by Sir. Reply By SUBHASISH SARKAR: The Reply: Kasturi Sir , thanks for the reply . I have gone thru the circulars which brings in sufficient clarity on the subject . However , my concern is whether any interest becomes applicable if I pay GST for 2023-24 now , ie , in Feb 25 , si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce neither circular specifies any timeline for payment . Reply By KASTURI SETHI: The Reply: Interest on delayed payment of tax has to be paid. It is implied. We need circular only when anything is not clear in the Act or Rules or notification. Interest is automatic.-------Orissa High Court in the case of P.K. Ores Pvt. Ltd. Vs. Commissioner of Sale Tax - 2022 (5) TMI 1293 - ORISSA H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IGH COURT Reply By KALLESHAMURTHY MURTHY: The Reply: Dear Sir, NEW NOTIFICATION 225/19/2024-GST11 The GST council clarified during its 53rd meeting, held on June 22, 2024, that the facility of Rule 28(2) of the Central Goods and Services Tax Rules, 2017 concerning corporate guarantee issued between related persons is not available if either of the exports is involved, or recipient is eligible f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or complete ITC. After this recommendation, the Ministry of Finance issued Notification No. 12/2024 dated July 10, 2024 and Circular No. 225/19/2024-GST dated July 11, 2024, on taxability and valuation of intra-group corporate guarantees for GST purposes. X X X X Extracts X X X X X X X X Extracts X X X X
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