TMI BlogService Tax on Hire Purchase Transactions - Impact of increase in Service Tax RateX X X X Extracts X X X X X X X X Extracts X X X X ..... Service Tax on Hire Purchase Transactions - Impact of increase in Service Tax Rate - Commentaries / Editorials Dated:- 26-8-2008 - News - In the present case: L.F.C. HIRE PURCHASE CO. LTD. Versus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... COMMISSIONER OF CUSTOMS CENTRAL EXCISE (APPEALS), COCHIN Reported in 2008 -TMI - 30422 - CESTAT, BANGALORE Hire purchase agreement was entered prior to 14-5-2003 At the time of agreement, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate of service tax was 5%. Rate of service tax enhanced to 8% w.e.f. 14-5-2003. Department raised demand @8% for the amount collected on or after 14-5-2008. Assessee disputed the demand on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground that the service tax is levied at the time of provision of services and not at the time receipt of amount for the services provided earlier - Section 68 CESTAT, found the contention of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant correct and set aside the demand. While making the decision, CESTAT has followed the principle evolved from the circular dated 9-7-2001 (See paragraph no. 2.1.4 of part VII of the cir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cular no. F .No.B.11/1/2001-TRU , in which CBEC has clarified applicable of service tax on lease or hire purchase transactions ) - News - Press release - PIB Tax Management India - taxmanag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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