GST implication on Security deposits

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... GST implication on Security deposits
Query (Issue) Started By: - Rajesh Kumar Dated:- 19-4-2022 Last Reply Date:- 19-4-2022 Goods and Services Tax - GST
Got 3 Replies
GST
Sir , A taxpa .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... yer provides GTA and courier services. He has provided bank guarantees as security to their customers. Is there any gst implication on this amount of security? regards Reply By KASTURI SETHI: The Re .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ply: Security deposit is refundable. It is a deposit and does not fall under the category of 'Advance Amount'. Hence not consideration. Section 2(31) of CGST Act "consideration" in rela .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tion to the supply of goods or services or both includes (a) _______________________ (b)_____________________________ Provided that a deposit given in respect of the supply of goods or services or .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... both shall not be considered as payment made for such supply unless the supplier applies such deposit as consideration for the said supply; Reply By Shilpi Jain: The Reply: No gst liability on such .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... amount. Why is this doubt arising Reply By Ganeshan Kalyani: The Reply: Querist to elaborate his query so that experts can share their view.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X