AAR: Services by way of extending loans by charging ‘interest’ without any processing fees to related persons, exempt

Gujarat AAR holds that services by way of extending deposits, loans or advances to various Govt. of Gujarat entities is exempt under entry (a) of Sl. No. 27 of Notification No. 12/2017 - Central Tax (Rate) and corresponding State Notification; Observes that, the relationship between applicant and Govt. entities is that of related persons as defined under section 15 of CGST Act, 2017;  Noting that the applicant is not charging any processing fees or any other charges...