Co. X is engaged in infrastructure services on contractual basis for the Government. Co.X provide Bank Guarantees to Govt., Creditors etc. For Eg:
BG amount - 100000
Bg issue date - 01.04.2020
bg Claim period - 01.04.2022
bg validity - 01.04.2021
Bg commission charged - 4800+864 (basic amt +18%gst)
Now if Bg gets cancelled on 30.04.2020 and we take refund of Bg commission should the bank reverse the Gst or are we suppose to collect gst on Refund of Bg commission or we won't do any of it?
Gst on Refund of Bank Guarantee Commissioner
Replies (1)
I think the GST will be reversed
Recent Topics :
- Bill-to-ship-to material at client site, project c
- Export previously now to be considered domestic sa
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
Related Topics :
CAclubindia
