Financial Daily from THE HINDU group of publications
Sunday, Sep 12, 2004
Financial Daily from THE HINDU group of publications Sunday, Sep 12, 2004 |
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Taxation Money & Banking - Financial Institutions Banking cos, FIs exempted from service tax K.R. Srivats
New Delhi , Sept. 11 BANKING companies and financial institutions need not henceforth fork out any service tax on any "taxable services" provided by them to either the Central Government or State Government in relation to collection of any duties or taxes. The Finance Ministry has exempted taxable services provided by such entities, in relation to collection of duties or taxes levied by the Centre or State Governments, from the impost of service tax. This exemption will also be available for a non-banking financial company or any other body corporate or commercial concern providing any taxable service for collection of duties or taxes levied by the Centre or State Governments. The Finance Bill, 2004 had extended the scope of taxability of certain existing services like financial services. It had specified that certain services such as issue of pay order, demand draft, cheque, letter of credit, bank guarantee and bill discounting would come within the purview of service tax.
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