https://www.taxtmi.com/caselaws?id=369373 The case involved determining whether liquidated damages awarded by the International Chamber of Commerce (ICC) qualify as a 'supply' under GST law. The Authority for Advance Ruling (AAR) found that the compensation for tolerating an act or situation of default in the Association Agreement constitutes a 'supply' under the CGST Act. The time of supply for GST liability is when the arbitration award is given by the ICC, and the value of supply is based on the actual amount of liquidated damages received. The AAR ruled that liquidated damages qualify as a 'supply' under GST law, with specific determinations for time and value of supply. en-us Wed, 11 Jul 2018 00:00:00 +0530 Wed, 05 Mar 2025 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369373 The case involved determining whether liquidated damages awarded by the International Chamber of Commerce (ICC) qualify as a 'supply' under GST law. The Authority for Advance Ruling (AAR) found that the compensation for tolerating an act or situation of default in the Association Agreement constitutes a 'supply' under the CGST Act. The time of supply for GST liability is when the arbitration award is given by the ICC, and the value of supply is based on the actual amount of liquidated damages received. The AAR ruled that liquidated damages qualify as a 'supply' under GST law, with specific determinations for time and value of supply. Case-Laws GST Wed, 11 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369373