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GST - Highlights / Catch Notes

Home Highlights February 2024 Year 2024 This

Levy of GST - Supply or not - compensation amounts such as ...

GST

February 22, 2024

Levy of GST - Supply or not - compensation amounts such as liquidated damages/trade settlement/damages collected from the customers for non-performing of contractual obligations or breach of the contract - The AAR held that, in the light of section 7 read with definition of consideration u/s 2(31)7 compensation amounts paid by defaulting party to the non-defaulting party for tolerating the act of non performance or breach of contract have to be treated as consideration for tolerating of an act or a situation under an agreement - Liable to GST @18%.

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