GST paid for cancelled future events, unreceived goods can be claimed via credit note: CBIC clarifies

As the markets and businesses suffer from instability and disruptions, several service contracts are being terminated and goods are not being delivered. However, in these cases, the suppliers need not worry even if they have already paid GST on it. The Central Board of Indirect Taxes and Customs (CBIC) has clarified that in case GST is paid by the supplier on advances received for a future event,…