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CBIC issues guidance on GST treatment of damages, compensation, and penalties

On 3 August 2022, India’s Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 178/10/2022-GST, to harmonize and clarify the provisions relating to the GST treatment of payments such as liquidated damages, compensation, penalties, cancellation charges, late payment surcharges, and similar fees.

Source: Deloitte

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