GST liability on Advance forfeit.

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CA Practice
76 Points Posted on 20 July 2021
A RP received Advance against sale of plot, the said deal was cancelled and advance amount forfeit by the seller. Is there any liability of GST on advance forfeit.
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On 20 July 2021 at 19:40 Report
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Quick Summary
This discussion clarifies whether Goods and Services Tax (GST) is applicable when an advance payment received for a plot sale is forfeited. The consensus is that GST is not applicable because the sale of land is considered neither a supply of goods nor a supply of services, as per Schedule III of the GST Act.

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Chartered Accountant
24588 Points Posted on 20 July 2021
No GST is not applicable on advance forfeited
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On 20 July 2021 at 20:02
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GST Practitioner
55067 Points Posted on 20 July 2021
No....sale of Land is neither supply of goods nor the supply services (Schedule III)
2 Reply
On 20 July 2021 at 23:37

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