Liability to pay service tax on upfront fees on external commercial borrowings

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..... Liability to pay service tax on upfront fees/processing fees paid to overseas bank (Foreign branch of ICICI Bank and State Bank of India) for sanction of external commercial borrowings(ECB) - Whether head office of ICICI Bank/SBI or recepient of ECB. - Reply By Surender Gupta - The Reply = This issue seems to be related to Import of Services. Various factors contribute in deciding what is import .....

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..... and what is not. Apparently, the service described in the query may be treated as Import of Service. - Reply By V Ramanujam - The Reply = Service provider in this case is a foreign branch of the bank which is considered as a separate person for the purpose of service tax as per Sec.66A of Finance Act. Thus the iability to pay tax would not fall on either overseas Branch of the Bank who rende .....

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..... red the service nor on its HO in India, which is a separate person for the purpose of Act. On the other hand, the same would fall under 'import of service' and thus the person receiving the service in India would be liable to register/pay service tax on the service received. - Reply By NARESH SAINI - The Reply = Liability to pay service tax on upfront fees/processing fees paid to overseas bank (F .....

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..... oreign branch of ICICI Bank and State Bank of India) for sanction of external commercial borrowings(ECB) - Whether head office of ICICI Bank/SBI or recepient of ECB. - Liability to pay service tax on upfront fees on external commercial borrowings - Query Started By: - sushil kumar khetan Dated:- 15-8-2007 Service Tax - Got 3 Replies - Service Tax - Discussion Forum - Knowledge Sharing, reply pos .....

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..... t by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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