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Creditor writeoff
advances received from customer against land sale received due to business of unconstructed plots we don't need registration now the advances agaist which land is to be alloted forfeited in parts due to which it become income of us wheather such forfeited money need gst implications if yes than upto what limit forfeited money will not form part of gst
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Under current CBIC guidelines (Circular 178/10/2022-GST), forfeiture of an advance due to a breach of contract is generally considered compensation for loss and not a "supply" of service; therefore, it is typically not liable to GST. However, your contract should be reviewed to ensure it reflects this nature (compensation for breach) rather than being structured as a service fee.
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