Taxable or Non Taxable

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101 Points Posted on 19 January 2021
A made a lease agreement to B OF FOR MINING ACTIVITIES FOR 3 YEARS. A RECEIVED NON REFUNDABLE SECUTRITY DEPOSIT RS 10LAC FROM B.
HERE NON REFUNDABLE SECUTRITY DEPOSIT IS TAXABLE UNDER GST?
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On 19 January 2021 at 12:07 Report
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Quick Summary
This discussion clarifies whether a non-refundable security deposit received for a 3-year mining lease is taxable under GST. The consensus is that if the deposit is truly non-refundable and not returned or adjusted, it is considered taxable under GST regulations. However, if the deposit is refundable and returned without adjustment, it would not be subject to GST.

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Chartered Accountant
24588 Points Posted on 19 January 2021
No it is not taxable under gst
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On 19 January 2021 at 12:18
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Tax consultant
5895 Points Posted on 19 January 2021
If it is going to be returned in near future with out adjustment then not taxable
otherwise non refundable security deposit are taxable under GST
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On 19 January 2021 at 19:24

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