Whether amount forfeited on account of breach of sale of land agreement taxable under GST
Last updated: 29 September 2021
Court :
Gujarat Authority of Advance Ruling (GAAR)
Brief :
In M/s. Fastrack Deal Comm Pvt. Ltd. [ADVANCE RULING NO. GUJ/GAAR/R/58/2020 dated July 30, 2020] M/s. Fastrack Deal Comm Pvt. Ltd. ("the Applicant") after entering into a sale agreement to sell a factory land to a "Mr.B" for a consideration didn't receive 80% of the value of consideration due to which has filed the current application seeking clarification of whether 20% the amount forfeited on account of breach of agreement of sale of land is liable to Goods and Services Tax ("GST") or not.
Citation :
ADVANCE RULING NO. GUJ/GAAR/R/58/2020 dated July 30, 2020
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Bimal Jain
Published in GST
Views : 218
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