Liquidated damages received by a service receiver from a service provider for not meeting terms of contract would attract 18 per cent goods and services tax (GST) in certain cases, the authority for advance rulings (AAR) in Andhra Pradesh has ruled. Liquidated damages are the sum that one party receives when the other party fails
Source: a2ztaxcorp.com
Latest Posts in "India"
- GST on Mining Lease Royalty: Classification, Applicable Rate, and Reverse Charge Mechanism Clarified
- CESTAT: Software Preloaded in Imported Hardware Includible in Customs Value, No Penalty on Wipro
- GST Compliance for Foreign Currency Invoicing: Key Requirements for Indian Exporters
- US Formally Lifts Russia-Linked 25% Tariff on Indian Imports, Confirms 18% Reciprocal Rate
- Fake GST Invoice Scams Persist Despite Crackdown: Shell Firms, Circular Trading Fuel Tax Evasion
