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Gst on amount forfeited by builder on cancelation of flat?
If a builder forfeits certain amount on cancelation of booking by his customer, will builder be liable to pay GST on the amount so forfeited? If yes, then at what rate? What will form "supply" in this case?
Replies (2)
@ 18% gst should be paid on that by builder
Non performance of Contract. It is taxable under head "Agreeing to tolerate an act", SAC 999794, GST 18%.
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