https://www.taxtmi.com/circulars?id=65909 GST applies to payments only when there is an express or implied contract under which one party agrees to refrain from, tolerate, or do an act in exchange for consideration; amounts that are merely compensatory or punitive consequences of breach, statutory compensation, forfeiture, or fines are not consideration for such a supply and are not taxable, while contractual ancillary charges (cancellation fees, late payment surcharges, pre payment or early termination charges) that form part of the commercial terms are taxable as supplies and assessed with the principal supply. en-us Thu, 29 Sep 2022 00:00:00 +0530 Mon, 03 Oct 2022 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=65909 GST applies to payments only when there is an express or implied contract under which one party agrees to refrain from, tolerate, or do an act in exchange for consideration; amounts that are merely compensatory or punitive consequences of breach, statutory compensation, forfeiture, or fines are not consideration for such a supply and are not taxable, while contractual ancillary charges (cancellation fees, late payment surcharges, pre payment or early termination charges) that form part of the commercial terms are taxable as supplies and assessed with the principal supply. Circulars GST - States Thu, 29 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/circulars?id=65909