Top 10 benefits granted by Govt. in GST to taxpayer made effective in Oct, 2023

CA Shruti Singhal | Last updated: 28 October 2023

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This article outlines ten significant benefits and changes introduced by the government under GST, effective from October 2023. Key updates include new rules for corporate guarantees between related parties, clarification on GST for personal guarantees by directors, and a time limit for provisional property attachments. It also covers changes to IGST refunds, expanded service exemptions, and the acceptance of payments via Special INR Vostro accounts for exports. Furthermore, it details new taxable services for the Ministry of Railways, exclusion of corporate bus services from e-commerce operator rules, and reduced GST rates on molasses and millet flour.

1. Corporate guarantee provided between related parties New Rule 28(2) of CGST Rules, 2017 is being inserted w.e.f. 26-10-2023. This rule provides for taxable value of supply of services provided by way of corporate guarantee to a recipient who is a related person, when such services are provi

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About the Author

CA Shruti Singhal

Practicing CA

CA Shruti Singhal, an alumna of Jesus and Mary College, DU (B.Com (H)), did her articleship from Grant Thornton. Post qualification she worked at Singhal and Associates, a CA firm based out of Connaught Place. Shifting her focus only to Indirect Taxes, she opened a Sole Proprietor Firm, namely, Shruti Singhal Co. She ... Read more

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