GST applicability on penal charges and limited exemption for payment aggregator settlement functions clarified, with specified regularisations of past periods. The Circular clarifies that penal charges levied by Regulated Entities under RBI directions are charges for breach of loan terms and not subject to GST; RBI regulated Payment Aggregators qualify as an acquiring bank for the limited exempt settlement function for single card transactions up to two thousand, excluding Payment Gateway services; exemptions for R&D services against grants and for NSDC approved Training Partners were addressed and certain past periods of GST liability for various supplies were regularized on an 'as is where is' basis.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
GST applicability on penal charges and limited exemption for payment aggregator settlement functions clarified, with specified regularisations of past periods.
The Circular clarifies that penal charges levied by Regulated Entities under RBI directions are charges for breach of loan terms and not subject to GST; RBI regulated Payment Aggregators qualify as an acquiring bank for the limited exempt settlement function for single card transactions up to two thousand, excluding Payment Gateway services; exemptions for R&D services against grants and for NSDC approved Training Partners were addressed and certain past periods of GST liability for various supplies were regularized on an "as is where is" basis.
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