https://www.taxtmi.com/highlights?id=75112 Levy of GST - Supply or not - compensation amounts such as liquidated damages/trade settlement/damages collected from the customers for non-performing of contractual obligations or breach of the contract - The AAR held that, in the light of section 7 read with definition of consideration u/s 2(31)7 compensation amounts paid by defaulting party to the non-defaulting party for tolerating the act of non performance or breach of contract have to be treated as consideration for tolerating of an act or a situation under an agreement - Liable to GST @18%. en-us Thu, 22 Feb 2024 08:21:19 +0530 Thu, 22 Feb 2024 07:45:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75112 Levy of GST - Supply or not - compensation amounts such as liquidated damages/trade settlement/damages collected from the customers for non-performing of contractual obligations or breach of the contract - The AAR held that, in the light of section 7 read with definition of consideration u/s 2(31)7 compensation amounts paid by defaulting party to the non-defaulting party for tolerating the act of non performance or breach of contract have to be treated as consideration for tolerating of an act or a situation under an agreement - Liable to GST @18%. Highlights GST Thu, 22 Feb 2024 08:21:19 +0530 https://www.taxtmi.com/highlights?id=75112