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Gst on service bond agreement
sir, I made bond agreement with one of the CPSE ( bsnl) for service to BSNL 2 years. if I resign for the BSNL then is any GST applicable on break of service bond agreement please reply it.
Replies (4)
Quick Summary
As per your query, I understand that you want to understand abt the gst applicability on cancellation of contract... I this case if they are charging cancellation fee from u then there would be gst applicability on co. not on u
Yes it's taxable .
In term of Para 5 of Schedule II , The activity of agreeing to the obligations to tolerate an act or a situation. means any kind of penalty for termination of agreement or contract , the GST attracts.
Hence if there is any cluase in the such agreement , which binds you to pay for termination of contract , the GST is Applicable.
In term of Para 5 of Schedule II , The activity of agreeing to the obligations to tolerate an act or a situation. means any kind of penalty for termination of agreement or contract , the GST attracts.
Hence if there is any cluase in the such agreement , which binds you to pay for termination of contract , the GST is Applicable.
Thank you sir for give information but I have one doubt according to cgst act schedule III section 7 services by employee to employer part of contract neither treat as supply of goods nor supply of services so please clarify it.
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