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India Business News: Mumbai: In a relief for India Inc, the Punjab & Haryana high court has stayed a circular that subjected corporate guarantees, given by holding compani.
The circular, issued in October by the Central Board of Indirect Taxes and Customs (CBIC), has been stayed via an interim order. The circular had held that a corporate guarantee provided by a holding company to a lender for the approval of credit to its subsidiary would be regarded a supply of service liable to GST.
The Punjab and Haryana High Court has stayed the circular issued by the Central Board of Indirect Taxes and Customs (CBIC) concerning the taxability of corporate guarantees.The bench of Justice.