Bajaj Finance Limited ., In re
Date: March 14, 2019
Court: Appellate Authority for Advance Ruling
Bench: Maharashtra
Type: Advance Ruling
Subject Matter
GST leviable on Penal Interest for default in EMI payment
Summary
Question 1.:- Whether the Penal Interest is to be treated as interest for the purpose of exemption under Sr. No. 27 of Notification No. 12/2017 Central Tax (Rate) dated 28.06.2017 , Sr. No. 27 of Maharashtra State Notification No. 12/2017-State Tax (…
At the outset, we would like to make it clear that the provisions of both the CGST Act and the MGST Act are the same except for certain provisions. Therefore, unless a mention is specifically made to such dissimilar provisions, a reference to the CGST Act would also mean a reference to the same provisions under the MGST Act. The present appeal has been filed under Section 100 of the Central Goods…