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Advance Ruling Maharashtra : Penal Interest On Exempt Interest Provided By Banks /NBFC Liable To GST

The Maharasthra Authority for  Advance Ruling Vide its Ruling number : NO.GST-ARA-22/2018-19/B-85 passed an advance ruling that Penal Interest on Interest (which is exempt ) is liable to GST Covering It under Schedule II of The CGST Act 2017 

Under Clause 

(e) agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act;

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