No GST on penal charges levied by banks, NBFCs: CBIC
- Posted on January 28, 2025
- By Business News Today
- 3 Views
No GST on penal charges levied by banks, NBFCs: CBIC
GST will not be charged on penal charges levied by banks and NBFCs, as clarified by the CBIC. This exemption is due to such charges being deemed as breaches of contract terms. Additionally, GST exemption applies to Payment Aggregators for transactions up to Rs 2,000, but not to Payment Gateway services.
