Notification No. 52/2023 – Central Tax dated 26th October, 2023

Key Pointers –

• The notification introduces amendments to the Central Goods and Services Tax (CGST) Rules, 2017. Notably, it adds a new sub-rule regarding the value of services provided by a supplier to a related person through corporate guarantee to a banking company or financial institution, where the value is deemed at one percent of the guarantee amount or the actual consideration, whichever is higher.
• Changes are made to Form GST REG-01, adding "One Person Company" as a category for registration. Additionally, Form GST REG-08 regarding the cancellation of registration as a Tax Deductor or Collector at source is modified, outlining the reasons and procedures for cancellation.
• Alterations in Form GSTR-8 entail the omission of a serial number, modification of details regarding interest, and the addition of a section for debit entries in the cash ledger for TCS, interest, and late fee payments.
• Amendments in Form GST PCT-01 offer an expanded list of enrolment sought categories, including various academic qualifications and professions, while Form GST DRC-22 specifies the duration or expiration of an order until superseded by a subsequent order.