No GST on penal charges levied by banks, NBFCs: CBIC

New Delhi, Jan 28 (PTI) Goods and Services Tax (GST) will not be applicable on penal charges levied by banks and non-banking finance companies (NBFCs), the CBIC has said. The Central Board of Indirect Taxes and Customs (CBIC) through a circular has also clarified that GST will not be levied on transactions of up to Rs 2,000 facilitated by payment aggregators on online platforms. Clarifying the iss…