GST Payable on Cheque Bounce Charges

In re Bajaj Finance Limited (GST AAR Maharashtra) Whether the Bounce Charges collected by the Applicant should be treated as a supply under the GST regime? In the present case, as per details presented before us, we clearly find that there is a clear understanding or agreement between the parties in the present case to foresee and tolerate an act or a situation of default on the part of the client for a monetary consideration which is actually a consideration received by the applicant, though in the agreement they may be giving this consideration, other names such as ‘penal charges’...