Amount received through enchashment of bg subject to gst?
This query is : Resolved
14 July 2019
We are trading company. Bank guarantee furnished by Contractor has encashed by our company. Kindly advise that can we book this amount (BG amount) under Misc Income? Is this income is subject to GST? Kindly help.
14 July 2019
The Authority for Advance Rulings (AAR) has ruled that payments in respect to nonperformance of a contract would be liable to goods and services tax (GST). ... Liquidated damages are payments in lieu of non-performance of a contract.
14 July 2019
Thanks. Could you directly reply whether I shall pay GST on the amounts we received through encasement of bank guarantee.
15 July 2019
Pay GST on the amounts you received through encasement of bank guarantee.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
