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TMI Blog2024 (8) TMI 265X X X X Extracts X X X X X X X X Extracts X X X X ..... , TRICHY [ 2019 (2) TMI 1383 - CESTAT CHENNAI] , wherein it is observed ' From a perusal of the statement issued by NPCI, we note that it is a self-contained document incorporating all the mandatory requirements of proviso to Rule 4A and in any case, NPCI is not a private body just to ignore its statement; as to the nature of service, there is an agreement in place.' The credit is allowed - the impugned order is set aside and appeal is allowed. - DR. D.M. MISRA, MEMBER (JUDICIAL) AND MRS. R. BHAGYA DEVI, MEMBER (TECHNICAL) Mr. Ananthan and Ms. S. Abarna, Chartered Accountants for the Appellant Mr. Rajiv Kumar Agrawal, Commissioner(AR) for the Respondent ORDER This is an appeal filed against Order-in-Original No.CAL-EXCUS-000-COM-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent System (RPS) in India to facilitate all the financial institutions, Government, corporate sector and banks along with NBFCs, to access the RPS easily. Most of the banks are members of NPCI; NPCI provides intermediary network searching and other supporting services when a transaction is made on ATMs; incorporate such transactions with the bank account of the respective customers; and is also responsible for accounting the settlement of these transactions between the member banks. If a customer having a credit/debit card issued by a bank, transacts with the ATM of that particular bank, or a customer with a particular card transacts with the ATMs installed in other banks, in each of such transactions NPCI assumes the role of facilitating s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted amount to the card acquiring member in the settlement. He has further submitted that the e-statements given by NPCI are to be treated as invoices given by the member banks since NPCI acts as an agent of the member banks both for collecting the fee along with tax and also for issuing the invoice. Further, he has submitted that the e-statements contained all the requisite particulars as per Rule 4A of the Service Tax Rules, 1994. The proviso to Rule 4A stipulates that in the case of banking company providing service in relation to BOFS, an invoice, a bill or as the case may be, a challan, shall include any document by whatever name called, whether or not serially numbered and whether or not containing the address of the person receiving t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... does not contain the particulars as required under Rule 9 of the CENVAT Credit Rules, 2004, cenvat credit is not admissible. The issue is no more res integra and considered by this Tribunal in the case of Karur Vysya Bank (supra), wherein it is observed as follows:- 5.1 The appellant is a Banking Company, a Nationalized Bank. NPCI is the brain child of the Reserve Bank of India created with an objective of encouraging Retail Payment System (RPS) in India to facilitate all the financial institutions, Government, Corporate Sector and Banks along with NBFCs, to access the RPS easily. Most of the Nationalized Banks are members of NPCI. NPCI, as understood, provides intermediary network searching and other supporting services when a transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the provider of taxable service is a banking company or a financial institution including a non-banking financial company providing service [to any person], an invoice, a bill or, as the case may be, challan shall include any document, by whatever name called, whether or not serially numbered, and whether or not containing address of the person receiving taxable service but containing other information in such documents as required under this sub-rule:] The above proviso which cut off from the requirements of Rule 4A, mitigates the conditions in order for a banking company to avail cenvat credit. 5.3 The assessee as a Member Bank, has entered into an agreement with NPCI, wherein, NPCI has agreed to provide intermediary network switching a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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