Hi,
My query is whether advance forfeited by a company from the customer, received on account of sale of land due to non payment by the customer as per the agreement, is liable to tax under GST provisions
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GST on forfeiture of advance received for sale of land
Replies (2)
sale of land is typically exempt from GST as per Schedule III of the CGST Act, 2017, which deals with activities or transactions that are neither a supply of goods nor a supply of sesrvices.
If the advance was received towards the sale of land and was forfeited due to non-payment by the customer as per the agreement, it might not attract GST since the sale of land itself is exempt.
any how see the latest notifications, guidelines by the GST Counsil or CBIC website would be advisable. They can provide more tailored guidance based on the specifics of the agreement and applicable GST laws in India.
sale of land is typically exempt from GST as per Schedule III of the CGST Act, 2017, which deals with activities or transactions that are neither a supply of goods nor a supply of sesrvices.
If the advance was received towards the sale of land and was forfeited due to non-payment by the customer as per the agreement, it might not attract GST since the sale of land itself is exempt.
any how see the latest notifications, guidelines by the GST Counsil or CBIC website would be advisable. They can provide more tailored guidance based on the specifics of the agreement and applicable GST laws in India.
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