Gst on security deposit received.

Avinash Jeevan Dsouza (Assistant In Charge Accountant) (3284 Points)

15 December 2017

We are having a auditorium and we receive 20K as security deposit for any damage. If no damage is done we refund that 20K to party.

We are registered for GST and my query is do we need to collect the GST on the same and reverse the same while refund?

Reply
Follow
Share

6 Replies

RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 15 December 2017

No...
GST not applicable for the Deposit if it's refundable.

RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 15 December 2017

No...
GST not applicable for the Deposit if it's refundable.

Avinash Jeevan Dsouza (Assistant In Charge Accountant) (3284 Points)
Replied 15 December 2017

Thank you Sir.

If we take some amount for damage? Then TDS is applicable right?

Say we repay only 5K and we take 15K

RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 15 December 2017

TDS not applicable for damage charges. It's not service.

RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 15 December 2017

TDS not applicable for damage charges. It's not service.

Avinash Jeevan Dsouza (Assistant In Charge Accountant) (3284 Points)
Replied 15 December 2017

Thank you Sir. If we take some amount for damage? Then GST is applicable right? Say we repay only 5K and we take 15K.

Because we treat the 15K as income from that source.

Start a New Discussion