Goods and Services Tax

GST on Penalty on foreign bills

Goods and Services Tax – Started By: – Deepak Birla . – Dated:- 4-12-2017 – 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 the foreign vendor which falls under the definition of service under GST law. Here Company B as provider

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