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HSN/SAC forpayment of GST on adjustment of scurity deposit
Contractee has adjusted security deposit for non-compliace of terms of contract. GST wil be applicable on it. What would be HSN/SAC of this adjustmet of security
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Summary: Whether GST applies depends on if the forfeiture acts as "consideration" for a service (taxable) or as a penalty/liquidated damage for breach of contract (generally non-taxable per CBIC Circular 178/2022). If taxable, use the SAC code of the underlying main service the contract pertains to.
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