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GST on compensation received, Goods and Services Tax - GST
|GST on compensation received|
XYZ received a Purchase Order from the local customer towards supply to be made prior to GST era but order cancelled by the supplier. XYZ filed a legal case against the customer and the verdict was in favour of XYZ. Therefore, the customer gave the compensation amount to XYZ but during the GST era. Whether XYZ is required to pay GST on the compensation received?
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NO, in my humble view.
These are ex facie views of mine and the same should not be construed as professional advice / suggestion.
No GST on the compensation ordered by court
Compensation is not income and no GST is leviable.