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of AAR held that various financial transactions by MSETCL, including liquidated damages, forfeiture of security deposits, penalty recoveries, and write-back of unclaimed balances, do not constitute taxable supply under GST. The recoveries are primarily punitive measures to discourage non-serious contractors or accounting adjustments without consideration for services. Consequently, these transactions fall outside GST's purview, as they lack the essential elements of a supply, specifically the consideration for goods or services. The ruling emphasizes that such financial mechanisms are procedural safeguards rather than taxable commercial exchanges.
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