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Compensation recevied

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(Querist)
02 June 2018 Example: "X Ltd." agreed to supplied material before 1st July 2017 at a price of Rs. 5,00,000/- to ''Y Ltd''. But Y Ltd Cancelled the contract and Paid the compensation amount (i.e. Liquidated damaged amount) to X ltd on 25th May 2018 amounting to Rs. 5,00,000/- equivalent to material amount. Which rate of GST will be charged on Compensation Amount of Rs. 5,00,000/- and which type of document will be issue ?

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CA ANILKUMAR B.COM FCA DISA

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CA ANILKUMAR B.COM FCA DISA (Expert)
02 June 2018 It will treat as service and applicable rate is 18%.
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Preeti

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Preeti (Querist)
04 June 2018 which type of document will be issue against similar amount?
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