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TMI BlogApplicability of GST on penalty collected by RERAX X X X Extracts X X X X X X X X Extracts X X X X ..... Respected experts, my queries are: 1. Whether penalty collected by RERA is subject to GST as per Schdule-II . As per sl. No 62 of note. 12/2017 GST rate it is not exempted as RERA is not a local authority? 2. Whether fees deposited to GST IS subject to GST. With regards - Reply By ABHISHEK TRIPATHI - The Reply = Dear Sir, Personally, I think the statutory penalty imposed unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r RERA Act should not fall prey of paragraph 5(e) of the Schedule II . Imagine a situation calling these statutory penalties as a supply of service , who is supplying these services? Authority? Act? Now they have become supplier. This liquidated damage is just a chaos which has to be settled by Hon ble Courts as early as possible. - Reply By ABHISHEK TRIPATHI - The Reply = Apologies, I didn t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... get your Q.2. - Reply By Ganeshan Kalyani - The Reply = Sir, I agree with your view on liquidated damage. In fact it is not an income, then why GST? - Reply By Bibhu Tripathy - The Reply = second question is whether RERA is liable to pay any GST for the fees collected from various persons. The doubt emanates from the fact that the penalty us for non performing as per the contracts. - Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply By KASTURI SETHI - The Reply = Fee for what purpose ? Pl. elaborate regarding second query. It depends upon the nature and purpose of fee. - Reply By KASTURI SETHI - The Reply = I strongly agree with Sh. Abhishek Tripathi, Sir. It appears that such clause has been created to garner revenue. The definition of 'service' should be amended to exclude such clause/provision with a p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urpose not to penalize any person who is already a victim of unforeseeable circumstances. - Reply By YAGAY andSUN - The Reply = Penalty cannot be treated at part with LD. - Applicability of GST on penalty collected by RERA - Query Started By: - Bibhu Tripathy Dated:- 21-3-2021 Goods and Services Tax - GST - Got 7 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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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