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of <h1>Supreme Court Mandates 50% Service Tax Payment on Property Leases; Retailers Must Submit Solvency Proofs and Affidavits.</h1> The Supreme Court addressed a civil appeal concerning the service tax on renting or leasing immovable property, following a Bombay High Court decision upholding the tax provisions under the Finance Act. The Court ordered members of a retail association to pay 50% of the tax arrears in installments and provide a solvent surety for the remaining amount. Members must submit affidavits agreeing to pay any remaining taxes as directed by the Court. Petitioners are required to provide detailed payment information and a solvency certificate or bank guarantee to comply with the order.
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