2017 (9) TMI 784

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..... t that the provider of service of the nature and description aforesaid should have been engaged in the provision of that service which would support the service recipient - Guarantee as is understood in the economic world is an undertaking given by a guarantor to secure a financial commitment which is the scope of banking and financial service. The Govt. is neither a banker nor a financial service .....

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..... l para 2.2 of the SCN does not exhibit the character of guarantee provided by the Government of India to NLC for raising loan from Germany was a business support service. Guarantee is a financial obligation taxed by the taxing entry Banking and other Financial Service covered by section 65 (105) (zm) of the Finance Act, 1994, read with the meaning of the term Banking and Financial Services defi .....

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..... nt and promotion, construction or works contract, renting of immovable property, security, testing and analysis, 4. When the meaning of the term support services of business or commerce is read it throws light that the provider of service of the nature and description aforesaid should have been engaged in the provision of that service which would support the service recipient. But that is n .....

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