9911796707
TMI Blog2023 (10) TMI 744X X X X Extracts X X X X X X X X Extracts X X X X ..... from their clients along with brokerage, from their customers, show-cause notices dated 31.12.2008 and 02.02.2009 were issued to the appellants seeking to recover service tax of Rs. 2,92,740/- and Rs.6,977/-, for the periods, October 2003 to March 2008 and 01.04.2008 to 15.05.2008 along with interest and penalty; the show-cause notices were adjudicated by the OIOs dated 05.01.2011 confirming the service tax demanded, imposing penalty of Rs. 2,92,740/- and Rs.6,977/- under Section 76 and penalty of Rs.5,85,480/- and Rs.13,954/- under Section 78 of the Finance Act respectively; on appeals filed by the appellants, the Commissioner (Appeals), vide the impugned orders dated 19.07.2013 and 18.07.2013, upheld the duty demanded and penalty imposed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payable by the Stock Broker to the Stock Exchange for using the stock platform; Stock Broker has to pay these charges in order to provide their service as Stock Broker to their clients. He further submits that while clarifying in respect of Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, SEBI vide Letter dated 20.07.2016 clarified that there is no dispute regarding the inclusion of service tax on brokerage and exchange transaction cost. He relies on Sriram Insight Share Brokers Ltd.- 2009 (14) STR 86 (Tri. Kolkata) and Sriram Insight Share Brokers Ltd.- 2019 (26) GSTL 231 (Tri. Kolkata) and submits that the issue stands settled by the Tribunal in favour of the Revenue vide above cases. 4. Heard both sides and perus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he service tax in the case of Sriram Insight Share Brokers Ltd.- 2019 (26) GSTL 231 (Tri. Kolkata). We find that the Tribunal has found as under: 5. Before answering the question (i) above; it is necessary to have a look at Section 67 of the Finance Act, 1994 which [is] reproduced: - 67. Valuation of taxable services for charging service tax. - For the purposes of this Chapter, the value of taxable services, - (a) in relation to service provided by a stockbroker, shall be the aggregate of the commission or brokerage charged by him on the sale or purchase of securities from the investors and includes the commission or brokerage paid by the stock-broker to any sub-broker; (b) in relation to telephone connections provided to the sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Capital Market Segment of National Stock Exchange of India Ltd. that with effect from 1st December, 1998, transaction charges in respect of trades done shall be payable by the Trading Members at the following rates until further notice :- ................ It is clarified that the reduced rates as given above will apply to only the incremental trade value falling under the respective slabs stated above. For example, a Trading Member who has traded for Rs. 250 crores in a calendar month will pay transaction charges of Rs. 1.85 lacs (i.e. @ 0.009% for the first Rs. 50 crores trade values, @ 0.008% for the next Rs. 50 crores trade value, @ 0.007% for the next Rs. 100 crores trade value, @ 0.006% for the balance Rs. 50 crores trade value). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ascertain whether the documents on the strength of which appellants have availed the Cenvat credit fulfilled the requirement of details to be available as prescribed under proviso to Rule 9(2) of the Cenvat Credit Rules or not. We are of the view that a substantive benefit cannot be denied to the appellant only for some procedural lapses and if all the requisite details are available on the documents on the strength of which Cenvat credit has been availed by them and as provided under proviso to Rule 9(2) of the Cenvat Credit Rules, same cannot be denied to them legally. Thus, we hold that the department should verify the documents again on the strength of which the Cenvat credit has been availed by them and if such documents contained all ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
