Home Forum Goods and Services Tax - GST Month 5 2021 2021 (5) This
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APPLICABILITY OF GST ON CANCELLATION OF CONTRACT - Goods and Services Tax - GSTExtract DEAR EXPERTS, WE ARE ENTERED INTO AN AGREEMENT WITH OUR DEBTOR TO SELL HIM SOYA PRODUCT. THEREFORE WE HAVE IMPORTED THE SAME PRODUCT TO FULFILL HIS REQUIREMENT AND PAID 5% IGST ON IT. NOW HE DENIED TO PURCHASE THE SAME. THEREFORE WE HAVE FILLED CASE AGAINST HIM IN RELATION TO BREACH OF THE CONTRACT AND RAISED DEBIT NOTE DEMANDING 30 LAKS FOR THE SAME (LIQUIDATED DAMAGES). WE DO NOT KNOW WHETHER HE WILL PAY OR NOT, ITS DEPEND UPON JUDGEMENT/LITIGATION. NOW, MY QUERY IS WHETHER GST WILL BE APPLICABLE ON THIS DEBIT NOTE ? IF YES, WHAT WILL BE THE GST RATE ?? AND IF HE WILL NOT PAY TO US THEN WHAT ABOUT GST PAID TO THE GOVERNMENT ?
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