https://www.taxtmi.com/article/detailed?id=8077 Liquidated damages are contractual monetary sums compensating for breach or delay; when the contract reflects an agreement to tolerate an act for consideration, such amounts fall within the definition of supply of services under Schedule II and are taxable under GST. The GST liability arises at the time the contractual condition for imposition of the damages is established, and classification and rate follow applicable notifications, with amounts collected prior to GST governed by earlier law. en-us Sat, 21 Jul 2018 09:31:08 +0530 Sat, 21 Jul 2018 09:31:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8077 Liquidated damages are contractual monetary sums compensating for breach or delay; when the contract reflects an agreement to tolerate an act for consideration, such amounts fall within the definition of supply of services under Schedule II and are taxable under GST. The GST liability arises at the time the contractual condition for imposition of the damages is established, and classification and rate follow applicable notifications, with amounts collected prior to GST governed by earlier law. Articles Goods and Services Tax - GST Sat, 21 Jul 2018 09:31:08 +0530 https://www.taxtmi.com/article/detailed?id=8077