https://www.taxtmi.com/circulars?id=68255 Penal charges levied by banks and NBFCs under RBI directions replacing penal interest are charges for breach of loan terms and not subject to GST. RBI regulated Payment Aggregators that receive, pool and settle card payments from escrow accounts qualify as "acquiring bank" for the low value card settlement exemption, limited to settlement functions and excluding payment gateway services. Several past periods' GST treatments are regularised on an "as is where is" basis in line with GST Council recommendations, including R&D grants, NSDC training partner skilling services, incidental electricity service exemptions, reverse charge on certain rentals, and Goethe Institute services. en-us Tue, 18 Mar 2025 00:00:00 +0530 Thu, 20 Mar 2025 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=68255 Penal charges levied by banks and NBFCs under RBI directions replacing penal interest are charges for breach of loan terms and not subject to GST. RBI regulated Payment Aggregators that receive, pool and settle card payments from escrow accounts qualify as "acquiring bank" for the low value card settlement exemption, limited to settlement functions and excluding payment gateway services. Several past periods' GST treatments are regularised on an "as is where is" basis in line with GST Council recommendations, including R&D grants, NSDC training partner skilling services, incidental electricity service exemptions, reverse charge on certain rentals, and Goethe Institute services. Circulars GST - States Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/circulars?id=68255