AAR: Subscription received by National Institute of Bank Management from RBI, PSBs, liable to GST

Maharashtra AAR holds that consideration paid as subscription or contribution towards recurring or capital expenses or reimbursement or by whatever name called to National Institute of Bank Management (NIBM), a society registered under Societies Registration Act, 1860 by its members (being Banks) for its recurring and non-recurring expenses is chargeable to GST; Explains that both the conditions prescribed under Section 7 are fulfilled i.e. i) supply is made in lieu of consid...