GST: Important amendments vide N. No. 52/2023:
✅ 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.”
✅ Finally, the option for selection as “One Person Company” has now been inserted in Part B of GST Registration Form GST REG-01.
This eventually nullifies GSTIN Advisory dated 21/03/2023 wherein “Others” had to be seleted in GST REG-01 to register a OPC under GST.
✅ Changes in GST REG-08
✅ Changes in GSTR-8
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