Classification of services - banking and other financial ...
Service Tax
February 21, 2024
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.
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