AAAR: Applies Beneficial Circular retrospectively, rectifies own-order in Bajaj-Finance on additional/penal interest taxability

Maharashtra AAAR rectifies own order, holds that the additional/penal interest recovered by the Applicant from their customers against delayed loan EMI payments extended to such customers would be exempt from GST in terms of Notification no. 12/2017-CT dated June 28, 2017; Appellant sought rectification of error apparent on the face of record in the said AAAR order, contending that it was contrary to the CBIC’s Circular no.102/21/2019-GST dated June 28, 2019, which clarifie...