No GST on penalties, late fees/panel interest fine by RBI: AAR Maharashtra

In re Reserve Bank of India (GST AAR Maharashtra) AAR Maharashtra ruled that penalties, late fees/panel interest, fine of the nature levied and collected by RBI for contravention or violation of provisions of law are not taxable under GST. Further, the penalty of the nature for non-performance or under-performance as per contractual agreement by RBI with third party vendors are also not taxable under GST. FULL TEXT OF THE ORDER OF AUTHORITY FOR ADVANCE RULING, MAHARASHTRA (Under Section 98 of the Central Goods and Services Tax Act, 2017 and the Maharashtra Goods and Services Tax Act, 2017) The...