Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
The Advance Ruling Authority determined that the levy of GST on liquidated damages constitutes a supply of service under the Central Goods and Services Tax Act. Liquidated damages received for breach of contract or non-performance are considered income and fall under the definition of consideration for tolerating an act, thereby attracting GST. The imposition of compensation or penalty is governed by the Indian Contract Act to prevent defaulting acts. Compensation for tolerating non-performance constitutes a supply of service, making such payments subject to GST.
The Advance Ruling Authority determined that the levy of GST on liquidated damages constitutes a supply of service under the Central Goods and Services Tax Act. Liquidated damages received for breach of contract or non-performance are considered income and fall under the definition of consideration for tolerating an act, thereby attracting GST. The imposition of compensation or penalty is governed by the Indian Contract Act to prevent defaulting acts. Compensation for tolerating non-performance constitutes a supply of service, making such payments subject to GST.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
