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of <h1>M&A Services Taxed as 'Management Consultant' Under Finance Act 1994; Statutory Agencies Exempt Without Consultancy Role.</h1> The circular clarifies that services related to mergers and acquisitions are taxable under the category of 'management consultant' services as per the Finance Act, 1994. This includes services such as strategic review, financial analysis, and transaction structuring. However, agencies performing statutory roles, such as merchant banks under SEBI regulations, without providing consultancy, are not classified as management consultants. The circular also notes that changes in the Finance Act, 2001, will bring certain services under 'banking and other financial services,' subject to service tax. The directive is to be communicated to relevant tax authorities.
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