GST on Penalty on foreign bills
Query (Issue) Started By: – Deepak Birla . Dated:- 4-12-2017 Last Reply Date:- 28-8-2018 Goods and Services Tax – GST
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GST
Company B is importing various goods . In purchase order there is the clause of penalty deduction for late delivery of goods. When goods are delivered late, penalty is deducted from vendor bill which is in foreign currency. Question is whether GST is applicable on deduction of penalty based on tolerating of an act of
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