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Service Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Scope of the contract - collection of service tax from the ...

Service Tax

August 6, 2019

Scope of the contract - collection of service tax from the parties by enforcing bank guarantee - Since this is purely a contractual dispute and requires interpretation of the terms of the contract, we leave it open for the parties to resolve the issue of payability before the appropriate forum.

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  1. TDS u/s 194H - assessee is not required to deduct tax at source under section 194H of the Act in respect of bank guarantee commission/charges paid to banks.- AT

  2. FTP - Bank Guarantee (B.G.) would require execution by the surety Bank (Guarantor) and LUT by Exporter/Importer.

  3. RCM - payment of guarantee fee towards receipt of Bank Guarantees - These are not the guarantees provided by a corporation for it’s subsidiaries but are pure bank...

  4. IBC - Invoking Bank Guarantee - Corporate Debtor has issued bank guarantee for ensuring the price of goods. The bank guarantee is irrevocable and unconditional and...

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

  6. Liquidation Proceedings - Invocation of Bank Guarantee - there is no material to show that any fraud was played by the Corporate Debtor in obtaining Bank Guarantee from...

  7. Increase in rates of service tax in respect of bank guarantee and insurance premium is directly relatable to the terms of the contract - SC

  8. TDS u/ s 195 - Assessee Company was not liable to deduct the tax at source on the bank guarantee commission paid to a foreign bank - AT

  9. Refund - The solvent security is that of a person who is entitled to/recipient of the amount. Whereas, the ‘bank guarantee’ is a guarantee given by the bank on behalf of...

  10. Refusal of the Bank to invoke the Bank Guarantee - Adjudicating Authority has taken the view that since CIRP proceedings were continuing the Bank Guarantee cannot be...

 

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