TMI BlogServices under 100% RCMX X X X Extracts X X X X X X X X Extracts X X X X ..... Respected Kasturi Sir, According to Notfn 30/2012-ST dated 20.06.2012 Sr No 2. 100% Services Tax is to be paid by the recipient i.e.Banking company/Financial Institution/ NBFC if the service provider is recovery agent. Mu point is whether the recovery Agent appointed by telecommunication company i,e Reliance. Air-Tel etc who are engaged for collecting bills from defaulted customer wil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l also cum under RCM or there is special mention about it. Thanks regards Amresh Kumar - Reply By KASTURI SETHI - The Reply = Sh.Amresh Kumar Ji, For correct answer, you will have to peruse erstwhile definition of Recovery Agent Service under Section 65(105)(zzzl) of Finance Act, 1994 along with Notification No.10/14-ST dated 11.7.14 which amends original Notification No.30/12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -ST dated 20.6.12 (i) Recovery Agent Service was defined under Section 65((105)(zzzl) of the Finance Act as follows : to a banking company or a financial institution including a non-banking financial company or any other body corporate or a firm, by any person, in relation to recovery of any sums due to such banking company or financial institution, including a non-banking financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al company, or any other body corporate or a firm, in any manner; (ii) Notification No.10/14-ST dated 11.7.14 (Recovery Agent Service was brought under RCM) (ia) provided or agreed to be provided by a recovery agent to a banking company or a financial institution or a non-banking financial company; ; If you compare both above Section and Notification, you will find that only hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ghlighted portion has been brought under RCM. Remaining part of definition of Recovery Agent Service is not covered/included under RCM.Therefore, you can easily arrive at the correct and concrete conclusion that in the given scenario Recovery Agent Service of Airtel/Jio Reliance etc. are not covered under RCM. Here Recovery Agent Service falls under FCM and NOT under RCM. Moreover, both these c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies are body corporate and these cannot be treated as Banking Company, Financial Institution or NBFC. Body corporate has been excluded from RCM for Recovery Agent Services. - Reply By KASTURI SETHI - The Reply = Duties and functions mentioned by you refer to 'Collecting Agent Service ' and Not 'Recovery Agent service'. There is a great gulf between both services. - Servic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es under 100% RCM - Query Started By: - Amresh kumar Dated:- 21-12-2021 Service Tax - Got 2 Replies - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - 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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