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The activity of collecting penal interest by the Applicant would amount to a taxable supply under the GST regime

Shanti Prime Publication Pvt. Ltd. Levy of GST — Section 2(31),7,15,17 of the CGST Act,2017 - The Applicant is a non-banking financial company and is inter alia engaged in providing various types of loan to the customers such as auto loans, loans against the property, personal loans, consumer durable goods loans, etc. All these loans are interest bearing loans. The Applicant sought Advance Ruling on “Whether the Bounce Charges collected by the Applicant should be treated as a supply under the GST regime?” The Authority answered the question in the Affirmative.—Bajaj Finance Limited, In Re…. [2018] 3 TAXLOK.COM 06 (AAR-Maharashtra)