Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
GST - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Levy of GST - charges received on account of washed away / ...


GST Applicability on Washed Away or Cancelled Contracts: Taxable or Not? Insights on Forward Contract Obligations.

October 22, 2018

Case Laws     GST     AAR

Levy of GST - charges received on account of washed away / cancelled contracts for supply of goods - Forward Contracts - agreeing to the obligation to refrain from an act, agreeing to the obligation to tolerate an act or a situation, or agreeing to the obligation to do an act - Taxable in one situation and not taxable in other situations.

View Source

 


 

You may also like:

  1. Classification of services - applicability of GST rate - Works Contract - composite supply - receipt of contract for new construction of CBD railway station, platform,...

  2. The West Bengal Directorate of Commercial Taxes has issued clarifications on GST applicability for several services. Key determinations include: no GST on penal charges...

  3. Cancellation of petitioner’s GST registration - Once the petitioner’s GST registration was restored – which was cancelled on an allegation that it was obtained by fraud,...

  4. The assessee, a Foreign Portfolio Investor registered in India, entered into Forward Foreign Exchange Contracts (FCC) with HDFC Bank to safeguard against foreign...

  5. Allowing mark to market loss on account of outstanding forward contract liability - the forward contract transactions so entered during the course of regular business...

  6. The AAR ruled on GST implications in an EPC contract between the applicant and IOCL. The contract was determined to be a single, composite works contract rather than a...

  7. Construction service - works contract - Rate of tax on goods supplied under the contract, independent of the Works Contract being executed in the contract. -...

  8. HC determined that the contractor was liable to pay GST at 18% on taxable turnover from works contract, while respondent had only reimbursed 12%. Based on contractual...

  9. Scope of the term Railways Works contract in relation to Mumbai Railway Vikas Corporation Ltd (MRVC) - The definition of 'Works Contract' do not state that the...

  10. Municipal property tax reimbursements by lessee/occupier are subject to GST as part of the taxable value of supply under Sec 15 of GST Act. AAR ruled that municipal...

  11. Levy of GST of advances received - time of supply - supply of goods and supply of services of works contract - the supply/ service under second contract commences...

  12. Applicability of GST Act - works contract commenced prior to 01.07.2017 and completed partially before 1.7.2017 or payment received partially before 1.7.2017 - Scope of...

  13. Seeking reimbursement of GST amount paid by the petitioner - Interpretation of Contract Clause - After analyzing the documents and submissions, the High Court found that...

  14. Levy of GST on receipt of compesation / award - amount for settling a dispute arising out of breach of contract - contract completed during the Pre-GST period - as no...

  15. GST applicability on Seed Certification Tags

 

Quick Updates:Latest Updates