The ruling in brief
Where assessee-bank was taxed on turnover comprising amounts received as interest on deposits, loans or advances and claimed exemption under Notification 12/2017-CT(R), Entry 27, since such interest-based consideration is specifically exempted except for credit card interest, demand for GST with interest and penalty on this component was not sustainable in law.
Where assessee-bank claimed exemption for Rs. 3.52 crores as interest-related adjustments attributable to other States during relevant period, but failed to submit borrower-wise or State-wise supporting documents and only provided a consolidated audit report and CA certificate lacking specific findings, exemption claim was denied since evidentiary burden was not discharged and adverse inference was warranted
Provisions considered
Section 11 of Central Goods and Services Tax Act, 2017/Chhattisgarh Goods and Services Tax Act, 2017
This summary is for general information and is not legal advice. Read the full decision and the applicable law before relying on it.