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No GST On Penal Charges by Banks, Says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman announced that borrowers will not have to pay Goods and Services Tax (GST) on penal charges levied by banks or financial institutions. The announcement was made during the 55th GST Council meeting held in Jaisalmer, Rajasthan. What Are Penal Charges? Penal charges are fees imposed on...