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