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TMI BlogGST on Penalty on foreign billsX X X X Extracts X X X X X X X X Extracts X X X X ..... Company B is importing various goods . In purchase order there is the clause of penalty deduction for late delivery of goods. When goods are delivered late, penalty is deducted from vendor bill which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is in foreign currency. Question is whether GST is applicable on deduction of penalty based on tolerating of an act of the foreign vendor which falls under the definition of service under GST law. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Here Company B as provider of service is located in India, recipient of service is located outside India . So if we go by Section 13(2) , place of supply of service is outside India. But whether red ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uction in liability of by company B after adjusting penalty amount from the bill of vendor will amount to consideration receipt in FC to qualify export of service . . - Reply By DR.MARIAPPAN GOVI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NDARAJAN - The Reply = In my view yes. - Reply By BRIJMOHAN GOYAL - The Reply = But sir,what will be the taxable value of Import transaction. Is it (Import value - Penalty charges) or is it Full Im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... port Value. - GST on Penalty on foreign bills - Query Started By: - Deepak Birla . Dated:- 4-12-2017 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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