Is excise duty and Vat leviable on penalty recovery from customer due to non-performance clause.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 01 October 2015
Since such incomes do not involve manufacture and sale of goods, I think ED & VAT may not be applicable. I think it can be considered as service and ST be charged if applicable.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
