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Is GST applicable if we paid settelemet Amount to party

meena yadav (90 Points)

27 October 2020

IS GST applicable if we paid settelemet Amount to other party

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Sharief Shaik (Audit Executive) (54 Points)
Replied 27 October 2020

settlement in what nature loan or against goods or services.?

if it is loan repayment - no gst

if it is against goods or services it depends on various factor like supply, place of supply, etc.

meena yadav (90 Points)
Replied 27 October 2020

Settlement on the matter of property in court

Sharief Shaik (Audit Executive) (54 Points)
Replied 27 October 2020

To check whether gst is applicable or not, we have to see whether the said transaction is covered in sec7.

once its satisfies sec 7, then the tax is levied in sec 9.

sec 7 of cgst act 2017, states that supply includes all forms of supply involving consideration made in course or furtherance of bussiness.

and supply inncludes..
the transactions which are mentioned in sch 1 without consideration.
the transactions constituting supply and mentioned in sch 2.

refer sec 7 and sch II of cgst act 2017 to get a clarity regarding said transaction is suplly or not.

in order to express an opinion, there is a need of more speciffic facts.

hope this helps.