Services provided by a recovery agent to a banking company or a financial institution or a non-banking financial company - Service Tax Practice Manual / Ready Reckoner - Service Tax

Sr. No. 1A Services provided by a recovery agent to a banking company or a financial institution or a non-banking financial company Scope of Reverse Charge Service - ( Notification No. 30/2012- Service Tax, Part (II) Table Sl. No.1A ) From 11.7.2014 - Inserted by Notification No.10/2014-Service Tax, dated 11th July, 2014 In respect of services provided or agreed to be provided by a recovery agent to a banking company or a financial institution or a non-banking financial company Taxable services provided or agreed to be provided by a recovery agent to a banking company or a financial institution or a non-banking financial company; Liability on:- Service Provider Service Recipient % of tax Nil 100% Meanings and Definitions: Banking company has the meaning assigned to it in clause (a) of section 45A of the Reserve Bank of India Act, 1934 (2 of 1934). financial institution has the meaning assigned to it in clause (c) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934). non-banking financial company has the meaning assigned to it in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934).