Central Board of Indirect Taxes and Customs (CBIC)’s clarificatory circulars have retrospective effect

Rerefer to the CBIC Circular No. 204/16/2023-GST dated October 27, 2023 on the issues pertaining to taxability of personal guarantee and corporate guarantee and whether it is applicable for such guarantees given before the date of the circular. The circulars only clarify or convey the understanding of the CBIC about the existing legal position. So, they […]

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