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TMI BlogGST implication on forfeiture of advance receivedX X X X Extracts X X X X X X X X Extracts X X X X ..... GST implication on forfeiture of advance received X X X X Extracts X X X X X X X X Extracts X X X X ..... r, What is the GST implication of advance received towards goods before GST but no sale is made and now the same is being forfeited as the party is no longer claiming the same. Reply By KASTURI SETH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I: The Reply: Although the advance pertains to pre-GST era and against goods, yet this activity (forfeiture) is covered in Schedule-II of CGST Act. 5. Supply of services (e) agreeing to the obligat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to refrain from an act, or to tolerate an act or a situation, or to do an act; This is my view. Reply By Himansu Sekhar: The Reply: There will be no GST on the goods against which advances rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ived prior to the appointed date and no sale is effected now. But the forefeiture activity if carried out now, the same will be a service and liable to GST under Schedule II of CGST Act, 2017. The re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levant portion is extracted below for your kind observation: "(e) agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act; and..." Reply By ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ramesh Kothari:
The Reply:
No GST applicable bcz advance rec'd before appointment of GST and supply not existed X X X X Extracts X X X X X X X X Extracts X X X X
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