rule 42 and rule 43 of cgst act

The Andhra Pradesh, AAR in the matter of South India Krishna Oil & Fats (P.) Ltd. held that the compensation amounts, such as liquidated damages or trade settlement, collected by the Applicant from customers for non-performance or breach of contracts constitute a supply of service and are liable to GST.

Tag: rule 42 and rule 43 of cgst act

Section 17(2) and reversal of ITC on stock in cases where a manufacturer was earlier making supply of wholly taxable goods and post 22-09-2025, some goods manufactured out of the raw material in stock would be exempt from levy and some remains taxable.

Compensation collected for Liquidated Damages under the Agreement will be subject to GST