Alerts & Updates 23rd Jan 2023
Recently, vide Circular No. 178/10/2022-GST dated August 03, 2022, it has been clarified by CBIC that GST is not leviable on Notice Pay Recovery.
To delve further into this issue, Nishant Shah, Partner, and Yash K Desai, Senior Associate, Economic Laws Practice (ELP) have written an article on how the above clarification issued by CBIC deals with the applicability of GST on liquidated damages, compensation, and penalty arising out of breach of contract or other provisions of law. In the article titled ‘Refund of GST Paid on Notice Pay Recovery – Way Forward’ published by Taxsutra authors also discuss the recent decision of Hon’ble Kerala HC in Manappuram Finance in relation to granting of refund of GST paid on Notice Pay Recovery and the ideal way forward for taxpayers.
The detailed article can be read here: Click here
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