GST applicability on settlement price

[KARAN VERMA]

Sir, i have booked contract for sale of wheat (exempt from GST) ₹ 100 in which my profit margin is ₹ 15.

Now, buyer asked me that he is not willing to buy wheat, although he paid me ₹ 15 my profit margin.

Now, whether I am liable to charge GST on ₹ 15 while raising invoice to buyer.

Suppose the above example is for taxable item, then what will be situation ?

AI Summary

Tolerating an act as supply of service may attract GST on compensation received for non delivery of goods.
Settlement payments received for a buyer's failure to take delivery are consideration for tolerating an act and constitute a supply of service, attracting GST at the applicable rate even if the underlying goods are exempt. For pre agreed forward contracts, physical delivery is taxable as supply of goods, while net differential settlement may not attract GST; adjustments to invoiced consideration should be made through credit or debit notes under GST provisions.