GST CIRCULAR NO. 125/44/2019 RESCINDED BY CBIC
CBIC has rescinded GST circular no. 125/44/2019
The circular pertained to the applicability of GST on additional/penal interest
The circular was issued in November 2019
It had clarified that GST would be applicable on additional/penal interest charged by banks and NBFCs
The circular had faced criticism from the industry
The rescinding of the circular is expected to provide relief to banks and NBFCs
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The move is in line with the government's efforts to ease compliance burden and improve ease of doing business
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