CENVAT credit on banking and financial services used for export-related business operations was held admissible.

CENVAT credit on service tax paid for Banking and other Financial Services was held admissible where those services were used in connection with export activities of finished excisable goods. The Tribunal applied its earlier decisions and treated such services as falling within the definition of input service because they were used in relation to business and export operations. On that basis, the Revenue's objection was rejected and the credit claim was sustained.

---

---

Issues: Whether CENVAT credit of service tax paid on Banking and other Financial Services was admissible as input service when such services were used in connection with export activities of finished excisable goods.

Analysis: The Tribunal held that the issue was no longer res integra and relied on its earlier decisions which treated Banking and other Financial Services as covered by the definition of input service. It accepted that such services were used in relation to business and export of goods, and therefore qualified for CENVAT credit.

Conclusion: CENVAT credit on Banking and other Financial Services was admissible, and the Revenue's challenge failed.

---