AAR : Rejects the application w.r.t. taxability Merchant Discount Rate (MDR) received by issuing bank

Maharashtra AAR rejects the application for determining taxability of portion of Merchant Discount Rate (MDR) received by the issuing bank as ‘Interchange fee’; Notes that the applicant  is neither a supplier nor a recipient and questions raised are not in relation to supply of goods or services or both, being undertaken or proposed to be undertaken by applicant; Consequently holds application as not maintainable  u/s 95 of CGST Act...