GST Update : Additional Compensation is Taxable Supply

GST Update : Additional Compensation is Taxable Supply

• Advance Ruling

• Goa Industrial Development Corporation (GIDC)
• Brief facts of the case GIDC received money from 7 applicants to lease land for developing special economic zone.

• But Due to Protest of people they could not allot the land and had refund the money received from applicants.

• But applicants wanted additional money over and above what they paid as deposit to GIDC for lease of land.

• Parties went to Supreme Court and got additional consideration awarded from the Apex Court as 8.25% pa over and above deposits made.

• Now, GIDC went to Authority for advance ruling seeking that whether this additional compensation shall be taxable or not?

• Authority pronounced the ruling that this additional compensation shall be considered to be as supply and would be taxable as per clause e of para 5 of Schedule II to the CGST Act. And it would be taxed at the rate of 18%



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