Centre notifies GST council decision on corporate guarantee, GSTR1 reconciliation

The Central Government of India (CGS) has announced that goods and services tax will be applied to the 1% per annum corporate guarantee fee, effective from October 23, 2023. The move is expected to provide relief to businesses facing cash flow concerns and restrict the deemed valuation to domestic transactions. The GST Council also capped the maximum fee for filing appeals in the GST Appellate tribunal at Rs 25,000 and the minimum fee at Rs 5,000.