Gst applicable on penalty
This query is : Open
03 November 2017
A public sector company ( Say company A) has issued a Work order for piping work to a contract company ( Say B). Stipulated date of completion was 20.11.2016. Contract Company (B) completed work on 31.03.2017. Invoice date is in S.tax. Regime. Comapny A has levied penalty of Rs. 97000 for delayed work to company B Payment is being made in November-2017. Whether GST is applicable on this penalty? IF GST is applicable who will bear the cost of GST?. In this case company B is loosing 97000 Rs. from his profit.
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