Home Highlights October 2013 Year 2013 This

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1. Classification of services - Banking and other Financial Services or not - Since the basic function of the appellant is to construct the houses and then to sell it...

2. Hire purchase and financial lease service - Interest on loan is exempted from service tax is not to be included in the taxable service - stay granted - AT

3. Hire purchase agreement - applicant argued that hire purchase transactions are essentially financial services and are not subject to sales tax - argument rejected - HC

4. Levy of service tax - body corporate - interest income under the head “Lease and Equipment Finance Income” - interest income-rental - interest income-funding - The...

5. Classification of services - Banking and other Financial Services or otherwise? - CESTAT has returned a clear finding that hire purchase is but loan and that hirer...

6. Service tax liability - banking and financial service - income earned towards leasing out of certain machines - agreement was for providing lease/ right by the...

7. Revenue vs. capital expenditure - hire-purchase v/s agreement of lease - right to purchase to be exercised after expiry of certain period - held as lease transaction /...

8. Service tax liability on foreign bank charges and finance costs paid in foreign currency. It discusses the absence of a service provider-recipient relationship between...

9. Classification of services - Banking and Other Financial Services or otherwise? - Listing out the difference between operating lease and financial lease the impugned...

10. Banking and Financial services Section 65(12) r.w.s 105)(zm) - Fixed amount charged as lease of equipment - the appellants are not a banking company or a financial...

11. Demand of service tax on the interest earned from hire purchase finance transactions. - The Tribunal observes that the ownership of the goods remains with the customers,...

12. Liability of service tax - reverse charge mechanism - overseas banks has deducted certain bank charges from the export realization of the appellant’s export - Even...

13. Non-payment of service tax on management consultancy services, royalty services, intellectual property right services, business auxiliary services, and banking and...

14. Eligibility to make adjustment of excess service tax paid against future service tax liability - Claim of Excess service tax paid due to issuance of revised invoice -...

15. Reverse charge mechanism - Banking & other financial services - recipient of services or not - services provided by the Foreign Banks situated outside India - The...