https://www.taxtmi.com/highlights?id=80127 Penalties, late fees, penal interest, and fines levied by RBI for contravention or violation of laws are for maintaining discipline and deterrence, not consideration for services, hence not taxable under GST as per circular. Penalties for non-performance or underperformance by vendors as per contract with RBI are liquidated damages to compensate for loss, not consideration for services, hence not taxable under GST as per circular. en-us Mon, 05 Aug 2024 07:06:00 +0530 Mon, 05 Aug 2024 07:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80127 Penalties, late fees, penal interest, and fines levied by RBI for contravention or violation of laws are for maintaining discipline and deterrence, not consideration for services, hence not taxable under GST as per circular. Penalties for non-performance or underperformance by vendors as per contract with RBI are liquidated damages to compensate for loss, not consideration for services, hence not taxable under GST as per circular. Highlights GST Mon, 05 Aug 2024 07:06:00 +0530 https://www.taxtmi.com/highlights?id=80127