GST on contractual damages: Time for government to clear the air

Levying of taxes on ‘contractual damages’ remains one of the most debated issues under the Goods and Services (GST) laws, and may soon become litigious, with an increase in claims for damages.

As the world deals with the challenges posed by the COVID-19 pandemic, India Inc. struggles to overcome the economic slowdown triggered by the consequent lockdown. The shutdown of businesses, slowdown in demand, and complete disruption in the supply-chain have triggered a severe liquidity crisis in the economy.

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