The Central Board of Indirect Taxes and Customs (CBIC) has amended the CGST Rules, 2017. The key amendments include the addition of Rule 28(2), which specifies the value of supply of services between related persons by way of providing a corporate guarantee to any banking company or financial institution as 1% of the amount of such guarantee offered, or the actual consideration, whichever is higher. Further amendments are made in Forms GST REG-01, GST REG-08, GSTR-8, GST PCT-01 and GST DRC-22.
