Case Law Details
In re Bajaj Finance Limited (GST AAAR Maharashtra)
The Appellate Authority for Advance Ruling, hereby, hold that the additional/Penal interest recovered by the Applicant from their customers against the delayed payment of monthly instalments of the loan extended to such customers, would be exempt from GST in terms of Sl. 27 of the Notification No. 12/2017-C.T. (Rate) dated 28.06.2017.
FULL TEXT OF ORDER OF APPELLATE AUTHORITY OF ADVANCE RULING, MAHARASHTRA
A. At the outset, we would like to make it clear that the provisions of both the CGST Act and the MGST Act are the same except for certain provisions. Therefore, unless a mention is specifically made to such dissimilar provisions, a reference to the CGST Act would also mean a reference to the same provisions under the MGST Act.
B. In the present case, appeal had been filed under Section 100 of the Central Goods and Services Tax Act, 2017 and the Maharashtra Goods and Services Tax Act, 2017 [hereinafter referred to as “the CGST Act and MGST Act”] by Bajaj Finance Limited (herein after referred to as the “Appellant” or Applicant interchangeably) against the Advance Ruling No. GST-ARA-22/2018-19/B-85 dated 06.08.2018, which was disposed of vide AAAR Order No. MAH/AAAR/SS-RJ/24/2018-19 dated 14.03.2019. However, the Appellant has filed the present application, under section 102 of the CGST Act, 2017 on 13.09.2019 for the rectification of the order dated 14.03.2019, issued by AAAR.
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