Gst on amount rec. for canc. of contract for exempted goods
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 January 2019
XYZ entered into verbal agreement with ABC to sale exempted goods(agri commodity) 100MT @ 50/MT as on 1/1/18 with ready delivery. on 10/1/18 ABC want to cancel agreement and ready to pay differential amount. Market rate as on 10/1/18 was Rs.40/MT. Total amount received by XYZ ltd was 100*10(50-40)=Rs.1000.
Whether Rs.1000 is chargeable to GST?
Whether Rs.1000 is chargeable to GST?
SHUBHAM SHARMA
(Expert)
10 January 2019
Sir, in my humble opinion it will be taxable as a supply of tolerating an act or situation.
Thanks and regards
CA Shubham Sharma
Contact No.-9462302922
email-shubham.vnv@gmail.com
Thanks and regards
CA Shubham Sharma
Contact No.-9462302922
email-shubham.vnv@gmail.com
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