Classification of services - banking and other financial ...

Service Tax Not Applicable on Corporate Guarantees with No Consideration, Tribunal Rules Against Tax Demand.

February 21, 2024

Case Laws Service Tax AT

Classification of services - banking and other financial services or not - service of giving bank guarantee - The tribunal, while setting aside the demand, held that insofar as levy of service tax is concerned, the same should be on the amount of consideration received for provision of such service. Thus, prima facie it appears that there is no element of service inasmuch as there is no consideration involved in providing corporate guarantee by the assessee appellants.

View Source

← Previous Next →

Classification of services - banking and other financial ...

Service Tax Not Applicable on Corporate Guarantees with No Consideration, Tribunal Rules Against Tax Demand.

February 21, 2024

Case Laws Service Tax AT

You may also like:

The case involved a dispute regarding the applicability of service tax on corporate guarantee fees u/s 65(12)(a)(ix) of the Finance Act. The tribunal held that providing...

Corporate guarantees provided without consideration are not taxable under the Finance Act, 1994, as established by the Supreme Court's decision in Commissioner of CGST &...

The Tribunal held that the appellant rightly issued credit notes to government entities that refused payment of consideration and service tax, allowing adjustment of...

Adjustment of excess service tax paid with subsequent service tax liability - case of Revenue is that Rule 6 (3) of Service Tax Rules, 1994 do not provide for such...

Levy of Service tax - corporate guarantee - The appellant having received consideration against providing guarantee to its related company in the form of ‘corporate...

Demand of service tax - providing services without consideration (free) to its associate companies - activity of giving corporate guarantee - The Show Cause Notice...

The CBIC has clarified the following key points regarding taxability and valuation of supply of services of providing corporate guarantee between related persons:...

Liability to pay service tax for services provided to a foreign entity. The appellant argued that their turnover within the domestic market was below the threshold...

CESTAT ruled in favor of appellant regarding service tax liability on GTA services during 2008-2013. The Tribunal determined service tax liability shifted to service...

This trade circular clarifies various issues related to taxability and valuation of supply of services involving corporate guarantees provided between related persons....

Validity of SCN - SCN suffers from incurable deficiency - Demand raised solely on the basis of Income Tax data shared by the Income Tax authorities - CESTAT found that...

The CESTAT ruled that the amount paid by the appellant towards advertisement and promotion of its own franchise outlets cannot be included in the value of taxable...

Sub-rule (2) of Rule 28 of CGST Rules provides for valuation of supply of services of providing corporate guarantee between related persons. It applies to guarantees...

The CESTAT Allahabad Appellate Tribunal ruled in a case involving the demand of service tax for services rendered by a non-resident from a country outside India related...

Banking and Other Financial Services” (BOFS) - providing corporate guarantee for a consideration / commission - demand of service tax set aside.

Quick Updates: