EMD Forfeiture
Narendra Kumar (CA ) (51 Points)
12 September 2017
what will be the treatment of emd forfeiture under GST? pl advise in detail.
4 Replies
Narendra Kumar
(CA )
(51 Points)
Replied 12 September 2017
how the status of inter state or intra state will be decided
Narendra Kumar
(CA )
(51 Points)
Replied 12 September 2017
which is the applicable section of GST act
Narendra Kumar
(CA )
(51 Points)
Replied 12 September 2017
GST if applicable, will be charged on forward basis or reverse charge basis
CA S K MISHRA
(Service)
(4280 Points)
Replied 07 February 2018
Forfeiture of EMD is similar to levy of LD/Penalty for Non performance of Contract. It is taxable under head "Agreeing to tolerate an act", SAC 999794, GST 18%.
For conceptual clarity on GST, may refer
https://www.amazon.in/dp/194832105X
https://www.amazon.in/dp/164249030X
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