Central GST Department has issued the following clarifications:
(i) GST is not applicable for providing personal guarantee by the Director of a company to the bank/ financial institutions for sanctioning of credit facilities to the said company without any consideration.
(ii) GST is applicable for providing corporate guarantee by a person on behalf of another related person, or by the holding company for sanction of credit facilities to its subsidiary company, to the bank/ financial institutions, even when made without any consideration. Taxable value of such supply shall be deemed to be one per cent of the amount of such guarantee offered, or the actual consideration, whichever is higher.
(iii) Indian exporters, undertaking export of services, are paid the export proceeds in INR from the Special Rupee Vostro Accounts of correspondent bank(s) of the partner trading country, opened by AD banks. The same shall be considered to be fulfilling the condition of payment for such service has been received by the supplier of service in convertible foreign exchange or in Indian rupees wherever permitted by the Reserve Bank of India [sub-clause (iv) of clause (6) of section 2 of IGST Act, 2017].
Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry has notified Indian Standard [IS] for various copper products vide Copper Products (Quality Control) Order, 2023 on 20th October, 2023. For, Drums and Tins, Drums and Tins (Quality Control) Order, 2023 was also issued on 20th October, 2023.
Revised All Industry Rates of Duty Drawback shall come into force from 30.10.2023 – Notification 77/2023-Customs (NT).
On 12-10-2023, the Ministry of Environment, Forest and Climate Change notified the Green Credit Rules, 2023 to leverage a competitive market-based approach for green credit for incentivizing environmental actions of various stakeholders. The provisions came into force on 12-10-2023. Incentivize environmental positive actions through market-based mechanism and generate green credit, which will be tradable and made available for trading on a domestic market platform. To encourage industries, companies and other entities to meet their existing obligations, and encourage other persons and entities, to undertake voluntary environmental measures by generating or buying green credit.