Rajkot Nagarik Sahakari Bank Ltd ., In re
Date: July 30, 2021
Court: Authority for Advance Ruling
Bench: Gujarat
Type: Advance Ruling
Judge(s)/Member(s): Sanjay Saxena, Arun Richard
Subject Matter
Incentives received under ‘Atma Nirbhar Gujarat Sahay Yojna’ are liable to GST
Summary
1. whether the incentives received under ‘Atma Nirbhar Gujarat Sahay Yojna’ dated 16.05.2020 declared by the Gujarat Govt. could be considered as subsidy and not chargeable to tax? 2. whether the incentive received under said scheme could…
The applicant M/s. Rajkot Nagarik Sahakari Bank Ltd. is multi state Schedule Cooperative bank. The State Govt. announced “Atma Nirbhar Gujarat Sahay Yojna” on 165-20, wherein Nagarik Sahakari Banks (including Banks registered under Multi State Cooperative Act) and credit co-operative societies were to provide loans without securities up to Rs. 1 lacs to customers charging 8% interest.…