GST implication on forfeiture of advance received

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..... Sir, 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 .....

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..... SETHI - 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) agreein .....

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..... g to the obligation 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 .....

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..... against which advances received 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 Schedul .....

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..... e II of CGST Act, 2017 . The relevant 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 .....

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..... an act; and... - Reply By Ramesh Kothari - The Reply = No GST applicable bcz advance rec'd before appointment of GST and supply not existed - GST implication on forfeiture of advance received .....

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..... - Query Started By: - Krishna Murthy Dated:- 6-8-2019 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Manag .....

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..... ement India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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