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TMI BlogGST on Penalty on foreign billsX X X X Extracts X X X X X X X X Extracts X X X X ..... GST on Penalty on foreign bills X X X X Extracts X X X X X X X X Extracts X X X X ..... ing various goods . In purchase order there is the clause of penalty deduction for late delivery of goods. When goods are delivered late, penalty is deducted from vendor bill which is in foreign curre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy. Question is whether GST is applicable on deduction of penalty based on tolerating of an act of the foreign vendor which falls under the definition of service under GST law. Here Company B as pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vider of service is located in India, recipient of service is located outside India . So if we go by Section 13(2) , place of supply of service is outside India. But whether reduction in liability of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by company B after adjusting penalty amount from the bill of vendor will amount to consideration receipt in FC to qualify export of service . . Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: In my ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view yes.
Reply By BRIJMOHAN GOYAL:
The Reply:
But sir,what will be the taxable value of Import transaction. Is it (Import value - Penalty charges) or is it Full Import Value. X X X X Extracts X X X X X X X X Extracts X X X X ..... Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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