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EMD Forfeiture

Narendra Kumar (CA ) (51 Points)

12 September 2017

what will be the treatment of emd forfeiture under GST? pl advise in detail.

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4 Replies

Narendra Kumar (CA ) (51 Points)
Replied 12 September 2017

how the status of inter state or intra state will be decided

Narendra Kumar (CA ) (51 Points)
Replied 12 September 2017

which is the applicable section of GST act

Narendra Kumar (CA ) (51 Points)
Replied 12 September 2017

GST if applicable, will be charged on forward basis or reverse charge basis

CA S K MISHRA (Service) (4280 Points)
Replied 07 February 2018

Forfeiture of EMD is similar to levy of LD/Penalty for Non performance of Contract. It is taxable under head "Agreeing to tolerate an act", SAC 999794, GST 18%. For conceptual clarity on GST, may refer https://www.amazon.in/dp/194832105X https://www.amazon.in/dp/164249030X