https://www.taxtmi.com/circulars?id=65949 GST attaches only where payments constitute consideration for a supply under an express or implied contract to do, refrain from, or tolerate an act; liquidated damages, statutory compensation, penalties for law violations, cheque dishonour fines and forfeitures that merely compensate for breach or deter conduct are not consideration and not taxable, whereas commercially bargained ancillary charges (late payment acceptance fees, cancellation charges, early termination or pre payment facilities) constitute consideration for a supply and are taxable at the rate applicable to the principal supply. en-us Wed, 03 Aug 2022 00:00:00 +0530 Wed, 19 Oct 2022 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=65949 GST attaches only where payments constitute consideration for a supply under an express or implied contract to do, refrain from, or tolerate an act; liquidated damages, statutory compensation, penalties for law violations, cheque dishonour fines and forfeitures that merely compensate for breach or deter conduct are not consideration and not taxable, whereas commercially bargained ancillary charges (late payment acceptance fees, cancellation charges, early termination or pre payment facilities) constitute consideration for a supply and are taxable at the rate applicable to the principal supply. Circulars GST - States Wed, 03 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/circulars?id=65949